Decorative Concrete produces a concrete overlay for residential and commercial concrete flooring. Customers have complained that one of the products results in excessive cracking. The likelihood the company will incur a loss on this product is probable and the amount of the loss is estimated to be somewhere between $1.2 and $4 million. 1. Should this contingent liability be reported, disclosed in a note only, or both? To be reported To be disclosed Both 2. What loss, if any, should Decorative Concrete report in its Income statement? (Enter your answers in dollars, not in millions.) Loss to be reported 3. What liability, if any, should Decorative Concrete report in its balance sheet? (Enter your answers in dollars, not in millions.) Liability to be reported 4. What entry, if any, should be recorded? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" In the first account fleld. Enter your answers in dollars, not in millons.) View transaction list Journal entry worksheet Record the contingent liability if needed. Note: Enter debits before credits. Transaction General Journal Debit Credit Bad Brad's BBQ had cash flows for the year as follows ($ in millions): CASH RECEIVED FROM: Customers Interest on investments Sale of land Sale of common stock Issuance of debt securities $2,900 210 100 550 2,700 CASH PAID FOR: Interest on debt Income tax Debt principal reduction Purchase of equipment Purchase of inventory Dividends on common stock Operating expenses $ 340 130 1,700 3,600 900 230 600 Bad Brad's would report net cash inflows (outflows) from operating activities in the amount of Multiple Choice $1,480 $910. $(1,270) $1,140. Charco purchased a franchise from Burger Master on January 1, 2021, for $240,000. The franchise agreement allows Charco to sell hamburgers and other related food items using the Burger Master name for a period of six years. Assuming Charco uses the straight-line method, what is the amortization expense for the year ended December 31, 2021? Multiple Choice $28,000. $0. $40,000 O O $240,000. On February 22, Brett Corporation acquired 270 shares of its $3 par value common stock for $25 each. On March 15, the company resold 69 shares for $28 each. What is true of the entry for reselling the shares? Multiple Choice Credit Cash $1,725 Credit Additional Pald-in Capital $207 Credit Treasury Stock $1,932 O Debit Treasury Stock $1,725 Given the information below, which bond(s) will be issued at a discount? Bond 3 Bond 1 7% Bond 2 8% 10% Stated Rate of Return Market Rate of Return Bond 4 12% 15% 8% 13% Multiple Choice Bonds 3 and 4. Bond 1 Bond 3. O Bond 4