NEW PROBLEM ON MAY 1, 2014 A COMPANY BORROWED $200,000 FROM A BANK. THE INTEREST RATE WAS 6% AND THE NOTE IS DUE ON JANUARY 31, 2015. MAKE THE REQUIRED ENTRIES AT INCEPTION, AT YEAR END, AND AT MATURITY. NEW PROBLEM A PAYROLL OF $100,000 WAS EARNED FOR WORK PERFORM BY CONSTRUCTION WORKERS THRU DECEMBER 31, 2010. THE PAYROLL WAS DUE TO BE PAID ON JANUARY 6, 20111. MAKE THE REQUIRED ACCURAL ENTRY. NEW PROBLEM AT THE BEGINNING OF APRIL 2009, A COMPANY PREPAID INSURANCE IN THE AMOUNT OF |$120,000 FOR ONE YEAR. AT THE END OF DECEMBER 2009 WHAT ARE THE BALANCES OF THE PREPAID INSURANCE ACCOUNT AND THE INSURANCE EXPENSE ACCOUNT NEW PROBLEM A COMPANY PAID $20,000 IN JANUARY 2008 TO A CONSULTANT FOR WORK THAT WAS TO BE PERFORMED IN FEBRUARY. THE WORK WAS PERFORMED IN FEBRUARY. MAKE THE REQUIRED ENTRIES IN JANUARY AND FEBRUARY FOR THE CONSULTANT NEW PROBLEM BAKER CO. PURCHASED EQUIPMENT FOR $300,000 ON JANUARY 2, 2008. THE EQUIPMENT WAS PURCHASED WITHA NOTE PAYABLE (INT-10 % ) METHOD OF DEPRECIATION IS STRAIGHT LINE. USEFUL LIFE IS 5 YEARS. MAKE ALL THE REQUIRED ENTRIES IN THE FIRST YEAR. THE NOTE WAS PAID ON DEC 31, 2008. NAME 1/25/2012| #1 AT THE BEGINNING OF AUGUST 1, 2009, A COMPANY PREPAID INSURANCE IN THE AMOUNT OF $120,000 FOR ONE YEAR. AT THE END OF DECEMBER 2009 WHAT ARE THE BALANCES OF THE PREPAID INSURANCE ACCOUNT AND THE INSURANCE EXPENSE ACCOUNT. PREPAID INSURANCE INSURANCE EXPENSE A COMPANY PAID $20,000 IN JANUARY 2008 TO A CONSULTANT FOR WORK THAT WAS TO BE #2 PERFORMED IN FEBRUARY. THE WORK WAS PERFORMED IN FEBRUARY. MAKE THE REQUIRED ENTRIES IN JANUARY AND FEBRUARY FROM THE CONSULTANT'S POINT OF VIEW AND FROM THE CLIENT'S POINT OF VIEW. # 3 BAKER CO. PURCHASED EQUIPMENT FOR $300,000 ON JANUARY 2008, METHOD OF DEPRECIATION IS STRAIGHT LINE. USEFUL LIFE IS 5 YEARS. MAKE ALL THE REQUIRED ENTRIES IN THE FIRST YEAR. ALSO WHAT IS THE BOOK VALUE OF THE EQUIPMENT AT THE END OF THE THIRD YEAR? AFTER 6 YEARS THE EQUIPMENT IS SENT TO THE JUNK YARD. MAKE THE ENTRY TO TAKE THE EQUIPMENT OFF THE B0OKS.