40. On November 1, Minerva borrowed from Albas, giving him a $24,000, 3 mont interest payable at maturity. Minerva made no entry after November What entry would Minerva make on December A) Interest Payable 1 31, the end of the accounting period? B) Interest Expense C) Interest Expense D) Interest Expense Interest Expense Interest Payable Cash Discount on Notes Payable 360 360 360 360 360 360 360 360 41. When a bond sells at a premium: A) The coupon rate is above the market rate B) The coupon rate is equal to the market rate C) The coupon rate is below the market rate D) It means that the bond is a zero coupon bond 42. When only one class of stock is issued by a corporation, it should be termed: A) Authorized stock B) Treasury stock C) Common stock D) Preferred stock 43. Cherokee Cloud, Inc., isued for $38 per share 5,000 shares of S20 par value common stock. The journal entry to record this transaction is: ) Cash Commot 190,000 190,000 Common Stock 190,000 B) Cash Common Stock Paid-in Capital in Excess of Par Value 100,000 90,000 190,000 C) Cash Common Stock Retained Earnings 100,000 90,000 190,000 D) Cash Common Stock Gain on Sale of Stock 100,000 90,000 44. Which best describes par value for stock? A) An arbitrary amount set by the company for each share of stock B) The value at which stock shares were issued C) The current market value of the stock D) The amount expected to be paid out as a dividend on a share of stock