maturity. FirstBanc Corp's year-end is December 31. Required: 1., 2.& 3. Record the necessary entries in the Journal Entry Worksheet

On July 1, Orcas Lab issued a $200,000, 7%, 8-month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year-end adjusting entry if the fiscal year-end is (a) December 31? (b) September 30?

Need correct answer for this question

a. If the note is issued with a 45-day term, journalize the entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the issuance of the note.

Conditions of impairment have been identified. The company has established that there are two CGU's: the merchandising division and the construction division. The assets of the merchandising division include Building 1 and Equipment 1 and 3. The assets of the construction division include Building 2 and the remaining equipment. Information on each of these assets is provided below: Carrying Value at Dec 31, 20x5 $4,700,000 3,236,752 433,500 223,125 595,000 306,000 585,706 555,000 Asset Residual Value Building 1 Building 2 Equipment 1 Equipment 3 Equipment 4 Equipment 5 Equipment 6 Equipment 7 $500,000 200,000 100,000 40,000 100,000 30,000 The following additional data has been provided. Merchandising Construction Division Division Fair value of assets Estimated costs to sell 5,200,000 500,000 $5,000,000 450,000 Future cash flow budget $500,000 500,000 500,000 500,000 400,000 $250,000 350,000 450,000 500,000 600,000 20х6 20х7 20x8 20x9 Beg of 20x10 – end of 20x24