The Secretary of Agriculture is concerned about the costs of three possible wheat programs: (1) a Non-Recourse Loan (government surplus purchase) Program; (2) a Marketing Loan Program; and (3) a Price Loss Coverage program. Answer his questions below in Questions 37 through 39 given the information below. Information given: Price elasticity of supply 0.25 Equilibrium price with no policy $6.20/bushel Price elasticity of demand -1.25 Equilibrium quantity with no policy 10.00 million bushels What would the non-recourse loan program cost with a NR Loan Rate of $7.44/bushel

Required prepare the necessary adjusting entries in the general journal as of december 31, assuming the following: on september 1, the company entered into a prepaid equipment maintenance contract. birch company paid $3,400 to cover maintenance service for six months, beginning september 1. the payment was debited to prepaid maintenance. supplies on hand at december 31 are $3,900. unearned commission fees at december 31 are $7,000. commission fees earned but not yet billed at december 31 are $3,500. (note: debit fees receivable.) birch company's lease calls for rent of $1,600 per month payable on the first of each month, plus an annual amount equal to 1% of annual commissions earned. this additional rent is payable on january 10 of the following year. (note: be sure to use the adjusted amount of commissions earned in computing the additional rent.)