On january 1, 2017, garzon purchased 6% bonds issued by pbs utilities at a cost of $40,000, which is their par value. the bonds pay interest semiannually on july 1 and january 1. for 2017, prepare entries to record garzon's july 1 receipt of interest and its december 31 year-end interest accrual. (do not round your intermediate calculations.)

Harris fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. at the beginning of the year, it estimated that 34,000 direct labor-hours would be required for the period’s estimated level of production. the company also estimated $599,000 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $3.00 per direct labor-hour. harris's actual manufacturing overhead for the year was $768,234 and its actual total direct labor was 34,500 hours. required: compute the company's predetermined overhead rate for the year. (round your answer to 2 decimal places.)