1) On January 1, 2016, Horton Inc. sells a machine for $24,800. The machine was originally purchased on January 1, 2014 for $44,200. The machine was estimated to have a useful life of 5 years and a residual value of $0. Horton uses straight-line depreciation. How will Horton record this transaction?2) Bobby Darling is the only employee of Atlantic Records, Inc. During the first week of January, Darling earned $3,600.00 and had federal and state income tax withholdings of $180.00 and $67.50, respectively. FICA taxes are 7.65 % on earnings up to $117,000. State and federal unemployment taxes for the period are $225.00 and $36.00, respectivelyWhat would be the amount of Darling’s payroll check for the first week of January3) On October 1, 2015, Attra Inc. borrows $202,000 on a three-year note that requires the company to pay 10% interest on March 31 and September 30. On December 31, 2015, the adjusting entry to accrue interest on the note should debit:4) Your company sells $46,000 of one-year, 10% bonds for an issue price of $42,000. The journal entry to record this transaction will include a credit to Bonds Payable in the amount of:5) A company declared a $0.80 per share cash dividend. The company has 100,000 shares authorized, 45,000 shares issued, and 42,000 shares of common stock outstanding. What is the journal entry to record the dividend declaration?
RECOMMENDED!!On January 1, 2016, Horton Inc. sells a machine
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