1. An unrealized holding loss on a company's Investments classified as Available-for-Sale Debt Securities should be reflected in the financial statements as: a) As a debit to the Securities Fair Value Adjustment Account b) As a component of Stockholders' Equity-unrealized loss. c) A realized loss in the Income Statement. d) A recognized loss in the Income Statement 2. In 2019, Delta Inc, entered into a 3-year construction project with the cero. The following data was extracted from Delta's books for the year ended 2020. (Delta uses the Completed Contract method of accounting) Contract Price Cost incurred to date Estimated costs to complete Billings on construction $12.0M 3.OM 6.OM 2.6M What amount of Revenue should Delta recognize in 2020? a) $12,000,000 b) $0 c) $4,000,000 d) Cannot be determined 3. Baxter Manufacturing sold $500,000 of goods to Kelly Wholesalers less a trade discount of 10%. Which of the following best reflects the proper accounting treatment for Baxter? a) Debit Accounts Receivable for $500,000 credit Sales Discounts for $50,000 and credit Sales for $450,000 b) Credit sales for $500,000 and Unearned Revenue for $50,000 c) Debit Accounts Receivable for $450,000 d) Debit Accounts Receivable for $500,000 and credit Allowance for Trade discounts $50,000