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A company's customers redeemed $3,000 in gift cards in exchange for products. What was the effect of this transaction on the financial statements? Select an answer for every element. Select O if the item was not affected. ASSETS [Select] LIABILITIES [Select) STOCK EQUITY (Select ] NET INCOME [ Select Answer 1: Correct Answer 0 You Answered -3,000 Answer 2: Correct! -3,000 Answer 3: You Answered 0 Correct Answer +3,000 Answer 4: You Answered -3,000 Correct Answer +3,000 Question 13 3.38 / 4.5 pts On Jan. 1, 2022, a company signed a lease for machinery. The lease agreement requires the company to make least payments at the end of each month. The required lease payments have a present value of $90,000. On Jan. 1, 2022, how are the 2022 financial statements affected by the company recording the lease? Select an answer for every element. Select O if the item was not affected. ASSETS -90,000 LIABILITIES (Select] STOCK EQUITY [Select ] NET INCOME [ Select ] Answer 1: Correct Answer +90,000 You Answered -90,000 Answer 2: Correct! +90,000 Answer 3: Correct! 0 Answer 4: Correct! 0 Question 23 2.25 / 4.5 pts At the end of 2022, a company estimated future warranty costs to be $56,000. If this estimate was not recorded, how were the 2022 financial statements misstated? Select an answer for every element. Select O if the item was not affected. ASSETS (Select] LIABILITIES [Select] STOCK EQUITY (Select] NET INCOME [ Select ] Answer 1: Correct Answer Not affected You Answered Overstated by $56,000 Answer 2: Correct! Understated by $56,000 Answer 3: You Answered Not affected Correct Answer Overstated by $56,000 Answer 4: Correct! Overstated by $56,000 Question 34 0 / 4.5 pts A company paid $6,000 in a transaction that had the following effect on the financial statements: ASSETS = LIABILITIES + STOCK. EQUITY NET INCOME -6,000 -6,000 -6,000 Which of the following transactions could have occurred? O Paid $6,000 for advertising costs. You Answered Paid $6,000 for legal fees to organize the company. Paid $6,000 for legal fees to organize the company.. You selected this answer. 0 Paid $6,000 for R&D costs. Correct Answer All of the choices are correct