1) On January 1, 2013, Nana Company paid $100,000 for 6,200 shares of Papa Company common stock. These securities were classified as trading securities. The ownership in Papa Company is 10%. Papa reported net income of $60,000 for the year ended December 31, 2013. The fair value of the Papa stock on that date was $51 per share. What amount will be reported in the balance sheet of Nana Company for the investment in Papa at December 31, 2013? Chose one of the following:

A) 316,200

B) 316,200

C) 271,200

D) 256,200

2) Zwick Company bought 26,500 shares of the voting common stock of Handy Corporation in January 2013. In December, Handy announced $202,400 net income for 2013 and declared and paid a cash dividend of $9 per share on the 200,000 shares of outstanding common stock. Zwick Company's dividend revenue from Handy Corporation in December 2013 would be:

A) 0

B) 26,818

C) 238,500

D) none of the above

3) Which of the following is not a liability?

A) An unused line of credit

B) Estimated income taxes

C) Sales tax collected from customers

D) Advances from customers.