Trendy Magazines Inc. (TMI) is a corporation that publishes various magazines and newspapers. TMI was incorporated on February 1, 2016. During the month of February, the following transaction occurred: 

1. TMI sold annual subscriptions (12 months) totalling $24,000. All of the subscriptions were paid in full by the customers. 

2. TMI received $12,000 from its bank in exchange for a note payable. The interest of 10% p.a. on the note is payable once per year (on January 31st each time).

 3. TMI bought an industrial printer for $48,000 at the beginning of the month. This amount was paid using the company's debit card. The printer has a useful life of 10 years, and the depreciation is calculated using a "straight-line method" (i.e., same amount of depreciation every months for 10 years). 

4. TMI purchased and fully paid a one-year insurance policy for $4,800. Record the entries for the above transactions Please round your numbers to the nearest dollar

Answer rating: 100% (QA)

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