$1.$ General Dynamics is a business that makes aerospace and defense products. A large corporation has contracted General Dynamics to make four airplanes for a total cost of $$200$ million and offered to pay cash on delivery or later. Do you think General Dynamics should have the company payment due upon receipt or $30$ days later? Please explain your reasoning.

$2.$ John Smith mistakenly expensed the cost of a long$-$term tangible fixed asset. Specifically, he charged the cost of a truck to a delivery expense account. How will this error affect the income statement and the balance sheet in the year in which the mistake was made? Please be sure to discuss the different kinds of expenditures that can be recorded when a business has long$-$term assets.