31. A land site for a new office building is purchased for $360,000 by Texas Coast Company. A barn on the site will be removed at a net cost of $34,000. The $34,000 razing expenditure is properly debited to: a. Office Building b. Land C. Razing Expense d. Land Improvements 32. Current liabilities are all obligations that require, within the coming year or current operating cycle, whichever is longer: a. The payment of cash b. The use of existing current assets c. The creation of other current liabilities d. Either the use of existing current assets or the creation of other current liabilities 33. Which of the following transactions that affects current liabilities has a corresponding effect on the income statement? a. Purchase inventory on credit from company QRS on January 1 b. Payment to QRS on February 1for a January 1 purchase c. Interest accrued on a noce payable d. Payment to employees in March for wages earned in February 34. How many payment periods are in a 6-year, 8% bond with an effective interest rate of 6%, and interest paid semiannually? What is the effective interest rate per payment period? a. 3,8% b. 12,3% c. 48,4% d. 6,8%