60) The receipt of cash dividends on a long-term investment in common stock is accounted for as a debit to Cash and a credit to Dividend Income. Which of the following methods is being used to account for the investment? a) Equity method b) Market method c) Cost method d) Revenue method 78) The accounts Bonds Payable, Discount on Bonds Payable and Premium on Bonds Payable for bonds due in two years would appear on the a) Balance Sheet under the Current Liabilities section b) Balance Sheet under the Long-term Liabilities section c) Balance Sheet under the Retained Earnings section d) Balance Sheet under the Paid-in Capital section

79) Which set of accounts listed below are considered to be temporary accounts with regard to the closing process of the accounting cycle? a) Common Stock and Preferred Stock b) Cash Dividends and Stock Dividends c) Premium on Bonds Payable and Discount on Bonds Payable d) Investments in Bonds and Investment in ABC Corporation Stock

80) Which set of accounts listed below are considered to be permanent accounts with regard to the closing process of the accounting cycle? a) Treasury Stock and Stock Dividends Distributable b) Cash Dividends and Stock Dividends c) Loss on Redemption of Bonds and Gain on Redemption of Bonds d) Income of ABC Corporation and Dividend Revenue Please answer all 4 questions per chegg policy