Consider the following transactions for huskies insurance company: equipment costing $42,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $7,000 per year. On june 30, the company lends its chief financial officer $50,000; principal and interest at 7% are due in one year. On october 1, the company receives $16,000 from a customer for a one-year property insurance policy. Deferred revenue is credited.