10 I point During the fourth quarter, J-Tel Industries sold 300 shares of treasury stock at $40 per share. Assuming that the treasury stock had an original fair value of $22 per share, the company will record a credit to the treasury stock account for what amount? Next Previous 11 1 point Using a discount rate of 5%,rank which of the following options one would most prefer to receive: Highest present value 1 $100 today 2 $112 one year from today 3 $134 five years from today 4 $160 ten years from today Lowest present value Next 12 OOOOO 1 point What is the underlying concept governing the generally accepted accounting principles pertaining to recording gain contingencies! Estimability Conservatism Consistency Materiality Comparability Previous Net 13 1 point Prior to the issuance of its December 31 financial statements, Stark Industries was named as a defendant in a lawsuit arising from an event that occurred in October. Stark's legal counsel believes that it is reasonably possible that there will be an unfavorable outcome and that damages will range from $100,000 to $150.000. Which amounts) should Stark accrue and/or disclose in its December 31 financial statements? Accrue contingent liability $100.000 Accrue contingent liability $150,000 Disclose contingent liability $100.000 - $150.000 Accrue contingent liability $100,000 and disclose contingent liability 550,000 OOOO