Question 30 (2 points) Right Corp. receives a $5,000, 4-month, 6% note from Wrong Corp. in settlement of a past-due account receivable. What entry will Right Corp. make upon receiving the note? Notes Receivable 5,100 Accounts Receivable. Interest Revenue 5,000 100 Notes Receivable 5,100 Accounts Receivable. 5,100 Notes Receivable 5,000 Interest Receivable 100 Accounts Receivable. Interest Revenue 5,000 100 Notes Receivable 5,000 Accounts Receivable. 5,000 Question 31 (2 points) Tabby Inc. lends Siamese Ltd. $50,000 on April 1, accepting a 3- month, 3% interest note. Interest is due the first of each month, commencing May 1. Tabby Inc. prepares financial statements on April 30. What adjusting entry should be made before the financial statements can be prepared? O Cash 125 Interest Revenue 125 50,000 Note Receivable Cash 50,000 125 Interest Receivable Interest Revenue 125 375 O Interest Receivable Interest Revenue 375 Question 32 (2 points) A truck was purchased for $40,000 and it was estimated to have a $4,000 residual value. Using the straight-line method, monthly depreciation expense of $600 was recorded. Therefore, the annual depreciation rate expressed as a percentage is 17% 20% 2%. 18%. Question 33 (2 points) On January 1, 2018, Anvil Corp. purchased equipment for $60,000. It was expected to last 5 years, after which it will be sold for $5,000. It is expected to be used for a total of 10,000 machine hours, and was used for 750 hours during the year ended December 31, 2018. The depreciation expense for 2018 using the units-of-production method will be $11,000. $4,500. $12,250. $4,125. Question 34 (2 points) On January 1, 2018, Anvil Corp. purchased equipment for $60,000. It was expected to last 5 years, after which it will be sold for $5,000. It is expected to be used for a total of 10,000 machine hours, and was used for 750 hours during the year ended December 31, 2018. The depreciation expense for 2018 using the double diminishing-balance method will be $11,000. $12,250. $24,000. $12,000. Question 35 (2 points) Nathan Ltd. purchased factory equipment for $200,000, and estimated that the equipment will have a $20,000 residual value at the end of its estimated 5-year useful life. If Nathan Ltd uses the double diminishing-balance method of depreciation, the depreciation expense for the second year after purchase would be $48,000. $80,000. $72,000. $43,200