A $10,00, 12%, 120-day note dated may 1, is received from a sale. What amount of interest is due at maturity? (Use a 360-day year.) $100 $300 $400 $1, 200 A company holds a $1,000, 12%, 60-day note. The journal entry to record the collection of this note at maturity debits Cash $1, 020 and credits Notes Receivable $1, 020 debits Cash $1, 020 credits Notes Receivable $1,000 and credits interest Revenue $20 debits Notes Payable $1,000 debits interest Expense $20 and credits Cash $1, 020 Which of the following is a characteristic of plant assets? Also called wasting assets Held for sale and not used in operations Nonphysical assets used in operations Useful life more then one accounting period. Equipment purchased January 1 costing $10,000 has an estimated salvage value of $2,000 and an estimated useful life of 5 years or 20,000 units. What is the amount of depreciation for the first using the straight-line method? $1, 200 $1, 600 $2,000 $2, 400 Equipment purchased January 1 costing $10,000 has an estimated salvage value of $2,000 and an estimated useful life of 5 years or 20,000 units. The equipment produced 3,000 units the first is the amount of depreciation for the first full year, using the units-of-production method? $1, 200 $1, 500 $1, 600 $1, 800 Equipment purchased January 1 costing $10,000 has an estimated salvage value of $2,000 and an estimated useful life of 5 years or 20,000 units. What is the amount of depreciation for the using the declining-declining-balance method? $2, 400 $2, 560 $2, 720