1. Find the accumulated value of $1,000 at the end of 15 years if the effective rate of interest is 5% for the first 5 years, 4.5% compounded semi-annually for the next 6 years and 6.3% simple interest for the remaining term.
2. The ledger of Mai Company includes the following accounts with normal balances: D. Mai, Capital $11,000; D. Mai, Withdrawals $1,800; Services Revenue $33,000; Wages Expense $18,400; and Rent Expense $5,600.
Prepare the necessary closing entries from the available information at December 31.