6) Smiles Entertainment had the following accounts and balances at December 31 Account DebitCredit Cash $10,00 Accounts Receivable 2,00 Prepaid Insurance 2,400 Supplies 1,00 Accounts Payable $5,000 Common Stock 4,90 Service Revenue 7,00 Salaries Expense 500 Utilities Expense Totals SI6.900| S16-900 Using the information in the table, calculate the company's reported net income for the period. C) $4,500. E) S1,100. D) S10,400. B) S5,500. A) $4,000 7) A bond traded at 102% means that: A) The market rate of interest is 2.5%. B) The bond pays 2.5% interest. C) The bond traded at 102.5% of its par value. D) The market rate of interest is 2 % above the contract rate. E) The bonds were retired at $1,025 each