On december 31, 2020, cullumber co. performed environmental consulting services for hayduke co. hayduke was short of cash, and cullumber co. agreed to accept a $298,600 zero-interest-bearing note due december 31, 2022, as payment in full. hayduke is somewhat of a credit risk and typically borrows funds at a rate of 10%. cullumber is much more creditworthy and has various lines of credit at 6%.1) prepare the journal entry to record the transaction of december 31, 2020, for the cullumber co.2) assuming cullumber co.’s fiscal year-end is december 31, prepare the journal entry for december 31, 2021.3) assuming cullumber co.’s fiscal year-end is december 31, prepare the journal entry for december 31, 2022.

You are the new chief information officer for the video-game developer, necturus games. the company has recently undergone a major expansion of its primary product, and you must staff up the is department and determine the best way to develop new game "capsules" for the game, "escape velocity."

James albemarle created a trust fund at the beginning of 2016. the income from this fund will go to his son edward. when edward reaches the age of 25, the principal of the fund will be conveyed to united charities of cleveland. mr. albemarle specified that 75 percent of trustee fees are to be paid from principal. terry jones, cpa, is the trustee. james albemarle transferred cash of $500,000, stocks worth $400,000, and rental property valued at $250,000 to the trustee of this fund. immediately invested cash of $360,000 in bonds issued by the u. s. government. commissions of $7,900 are paid on this transaction. incurred permanent repairs of $9,000 so that the property can be rented. payment is made immediately. received dividends of $8,000. of this amount, $3,000 had been declared prior to the creation of the trust fund. paid insurance expense of $4,000 on the rental property. received rental income of $10,000. paid $8,000 from the trust for trustee services rendered. conveyed cash of $7,000 to edward albemarle.

You plan to invest some money in a bank account. which of the following banks provides you with the highest effective rate of interest? hint: perhaps this problem requires some calculations. bank 1; 6.1% with annual compounding. bank 2; 6.0% with monthly compounding. bank 3; 6.0% with annual compounding. bank 4; 6.0% with quarterly compounding. bank 5; 6.0% with daily (365-day) compounding.