1. Over what period should the following be included as an expense in the income statement?

(a) The interest paid on a five-year corporate bond.

(b) The cost of a truck with an estimated fifteen-year economic life.

(c) The annual bonus earned by chief executive officers and paid in the following year.

(d) The one-time premium paid on a 10-year insurance policy.

(e) What basic accounting concepts do your answers reflect?