1) If a firm's bonds payable are issued at a premium, which of the following statements is NOT true?

The cash paid at the maturity date will be less than the face value.

The interest expense for a year will be less than the cash interest paid

On the date the bond is issued the firm will receive more cash than the face value of the bond.

At the issue date, the face interest rate is greater than the market interest rate

2) The carrying value of interest-bearing and non-interest-bearing notes can be all of the following except:

face value plus a premium

face value less the portion of each payment that reduces the principal

face value less the discount

face value with no premium or discount