1. Harney Corp. purchases 10-year bonds from Acampo Industries. Harney intends to hold these bonds until maturity, and has the ability to do so. How should these bonds be reported in the financial statements at the end of the first year?

A. Reported at amortized cost

B. Reported at historical cost less interest earned during the year

C. Reported at fair value with gain/loss reported in other comprehensive income

D. Reported at fair value with gain/loss reported in the income statement

2. On July 1st, Miami Fine Furniture received a $4,500 order for a designer bedroom suite. The next day, Miami received a $500 deposit from the customer. Miami delivered the furniture to the customer on July 16th. Miami then received the remaining balance of $4,000 on July 25th. On which day should Miami record revenue from the sale?