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Problem 3-5 The accounts listed below appeared in the December 31 trial balance of the Savard Theater. Credit Equipment Accumulated Depreciation-Equipment Notes Payable Admissions Revenue Advertising Expense Salaries and Wages Expense Interest Expense $192,000 $60,000 90,000 380,000 13,680 57,600 1,400(1) The equipment has an estimated life of 16 years and a salvage value of $24,000 at the end of that time. (Use straight-line method.) (2) The note payable is a 90-day note given to the bank on October 20 and bearing interest at 8%. (Use 360 days for denominator) (3) In December, 2,000 coupon admission books were sold at $30 each and recorded as Admissions Revenue. They could be used for admission any time after January 1. (4) Advertising expense paid in advance and included in Advertising Expense $1,100. (5) Salaries and wages accrued but unpaid $4,700 uossion books were sold atr tain Espense $1,100. No. Account Titles and Explanation CreditWhat amounts should be shown for each of the following on the income statement for the year? (1) Interest Expense (2) Admissions Revenue (3) Advertising Expense (4) Salaries and Wages Expense

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Explanations are provided below the journal entries. Calculations are shown for the respective incomes and expenses.   

Debit Cedit Depreciathiorn Ergense 4 10, 500 $10, 500 ie 1,92,000-2400010,500 2 Inherest expense 1,44 41440 le biom oct 2o to Dec 31 there oe 72 dac 99000x &/ X72 144 360 Admission Revenve to Ureayred adm iss ion eene- 60 000 30x 2000- 69 000 r Open欠 \支1,100 epaid adver hoi ng expene I,I CO te odverhsing opense 5) 5 expenie 44,700Admissions Revenue 3xgooo-$69oo $3.29co る) Adverhoing oPfense f13680-$1,100= 취2,580

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