10. On January 1, 2016, Pelino, Inc. issued $800,000, 10-year, 8% bonds for S700.300. The bonds pay interest on June 30 and December 31, The market rate is 10%. How much is the interest expense on the bonds for the first interest payment on June 30, 2016? A) $35,015 B) $70,030 C) $64,000 D) $32,000 11. On December 1, Buckbeak Company borrowed $20,000 from Pettigrew Company, giving a 60-day 12% note. If the correct adjusting entry is made on December 31, Buckbeak's entry at maturity is: A) Notes Payable B) Notes Payable 20,000 Cash 20,000 Interest Payable Interest Expense Cash 20,000 200 200 20,400 20,000 400 C) Notes Payable Interest Expense Cash 20,400 D) Notes Payable 20,000 400 Interest Payable Cash 20,400 12. Bibby Company retired a S900.000. 7% bond issue at 98. If the unamortized discount is S7.200, the entry will include a A) Debit to loss on bond retirement for $10,800 B) Credit to gain on bond retirement for $10,800 C) Debit to loss on bond retirement for $7,200 D) Credit to gain on bond retirement for $7,200 13. Which of the following rights do common stockholders typically not have? A) Right to vote and the right to elect the board of directors B) Right to receive the final distribution of assets in liquidation after prior claims have been settle C) Right to participate in additional issues of stock D) Right to receive dividends at a predetermined rate 4. On June 1, 2016, 4,000 shares of $20 par value common stock are issued in exchange fo equipment. Comparable equipment sells for $116,000 cash. Other shares of this class of commo originally sold for $13 per share in 2016 The journal entry to record this exchange should debit the Equipment account for what amount A) $116,000 B) S 80,000 C) $104.000