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w questio Quest D Question 4 Ques 3.5 pts Que Qu In 2020, Fox. Co. performs 7,000 service hours on a $100,000 contract for which they received $20,000 cash in advance in the previous year, 2019. Fox estimates Time R that it will perform 3,000 additional hours of service to complete the contract Attemp next year in 2021. Which of the following represents how Fox's financial 1 How statements will change based on Fox's entry for 2020 regarding this contract? Assets: Increase Liabilities: Decrease SE: No Effect NI: Increase O Assets: Increase Liabilities: Increase SE: Increase NI: Increase O Assets: Decrease Liabilities: Decrease SE: Increase NI: Increase O Assets: Increase Liabilities: Decrease SE: Increase NI: Increase quit instructions D Question 5 3.5 pts Owl Co. buys $400,000, 10%, 4-year bonds at 90, with the interest payable semi- annually. Owl expects to hold this bond for 4 years using the straight-line method of amortization. Which account should Owl debit on the purchase of this bond? O Available-for-sale security O Cash O Bond payable O Held-to-maturity security 5.5 pts Owl Co. purchased 200,000 of the outstanding 1,000,000 shares of Fox Associates. Owl has significant influence over Fox, and Owl will use the appropriate method to account for this investment. Fox declared Net Income of $750,000 for the year. How will Fox's Net Income impact Owl's books? O Owl increases the Investment and Income from the Investment accounts by $150,000. O Owl increases the Investment and Cash accounts by $375,000. O Owl increases the Cash and Income from Investment accounts by $150,000. O Owl increases the Cash and decreases the Investment Account accounts by $150,000. Next