On March 1, 2016, Steger Corporation invested in a $60,000 note receivable with a 1-year term and a 9% annual interest rate. Which of the following is the correct adjusting journal entry to record the recognition of interest revenue on the note receivable at December 31, 2016?

(A) Debit Credit
Interest Receivable 4,500
Interest Revenue 4,500

(B) Debit Credit
Cash 5,400
Interest Revenue 5,400

(C) Debit Credit
Notes Receivable 4,500
Interest Revenue 4,500

(D) Debit Credit
Interest Receivable 5,400
Interest Revenue 5,400

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In year 1, the bennetts' 25-year-old daughter, jane, is a full-time student at an out-of-state university but she plans to return home after the school year ends. in previous years, jane has never worked and her parents have always been able to claim her as a dependent. in year 1, a kind neighbor offers to pay for all of jane's educational and living expenses. which of the following statements is most accurate regarding whether jane's parents would be allowed to claim an exemption for jane in year 1 assuming the neighbor pays for all of jane's support? a.no, jane must include her neighbor's gift as income and thus fails the gross income test for a qualifying relative.b.yes, because she is a full-time student and does not provide more than half of her own support, jane is considered her parent's qualifying child.c.no, jane is too old to be considered a qualifying child and fails the support test of a qualifying relative.d.yes, because she is a student, her absence is considered as "temporary." consequently she meets the residence test and is a considered a qualifying child of the bennetts.

Suppose your rich uncle gave you $50,000, which you plan to use for graduate school. you will make the investment now, you expect to earn an annual return of 6%, and you will make 4 equal annual withdrawals, beginning 1 year from today. under these conditions, how large would each withdrawal be so there would be no funds remaining in the account after the 4th withdraw?