6.

ABC Company sells Rs. 1,000,000 general obligation bonds for 103. The interest rate on the bonds, paid quarterly, is 5 percent. Calculate the amount that the company will actually receive from the sale of the bonds.

. Single choice.

a Rs. 1,030,000

b Rs. 1,000,000

c Rs. 970,000

d None of the above

7.

ABC Company had total revenue and expense of $1,600,000 and $1,300,000, respectively, in the current financial year. Moreover, the company had a gain of $240,000 that resulted from the passage of new legislation, which is considered unusual and infrequent for financial reporting purposes. The gain is expected to be subject to a 30% percent income tax rate. Prepare shortened income statement for ABC for the year.

. Single choice.

a $4,68,000

b $5,68,000

c $5,40,,000

d $26,90,000