Esin N. CAN, PhD Question 19: On March 1, 2024, Lewis Services issued a 10% long-term notes payable for $24,000. It is payable over a 6-year term in $4000 principal installments on March 1 of each year, beginning March 1, 2025. Which of the following entries needs to be made on March 1, 20247 a) Long-Term Notes Payable 4000 4000 Cash b) Current Portion of Long-Term Notes Payable 24,000 Long-Term Notes Payable 24,000 c) Long-Term Notes Payable 24,000 Accounts Payable 24,000 d) Cash 24,000 Long-Term Notes Payable 24,000 e) All of the above are not correct. Question 20: When a bond is issued at a price higher than the face value, the difference is known as a a) Premium b) discount c) maturity value d) face value e) All of the above are not correct