Misc Information: Mr. Burns sold off all of his fixed assets from the nuclear power plant. Also, there was an adjustment to the allowance for uncollectible account during your brief respite. Mr. Smithers performed the necessary entries to get the books up to date; this included the reduction of the mortgage payable. However, you will calculate interest expense, bad debt expense, and depreciation expense. These amounts will not be given to you. Good luck and time manage appropriately. ***For any note/mortgage payable, you find interest expense the same way you find interest revenue.***

Check Figures:
Unadjusted Net Income: $599,350
Adjusted Net Income: $79,888

prepare a journal entry
February 6: After promising to change his evil ways, Lisa Simpson agrees to help Mr. Burns sell his cookies. Lisa sells some cookies to Old Folks Home for $130,000 on account. The cost of selling the cookies was $70,000. For prompt payment, Mr. Burns offered the discount of 1/10, n30.