I REALLY NEED YOUR HELP!! I'm trying to study for my exams. These are some of the review questions that I haven't been able to answer. I have been working of them and I quite don't know if these are the correct answers. I'd like to know if the answers that i already have are correct and i need some explanation about calculating bonds. I was able to understand some of the problems.... These are the only ones that I need help with 1. On July 10, 2007, Greco Co. declared its annual cash dividend on common stock for the year ended June 30, 2007. The dividend was paid on August 12, 2007, to shareholders of record as of July 25, 2007. On what date would Greco NOT make an entry? a. July 10, 2007 ( I think that Greco doesn't have to make any entries on this day) b. July 25, 2007 c. August 12, 2007 d. Greco would make entries on all of these dates. 2. Gain or loss on a bond redemption should be reported a. on the income statement as an extraordinary item before income tax. b. the same way as other types of gains and losses. c. on the balance sheet as an unrealized gain or loss. d. on the income statement as an extraordinary item net of tax. 3. If the market interest rate of a bond is more than the face interest rate, then the bond is selling at a. A discount. b. A premium. c. Face value. d. None of the above. (I THINK THIS IS THE CORRECT ANSWER) 4. On January 1, 2001, Chertco acquired a patent for $500,000 and using the straight-line method began amortizing it properly over its estimated useful life of 10 years. The asset has no residual value. At December 31, 2004, a significant change in the business climate caused Chertco to assess the recoverability of the carrying amount of the patent. Chertco estimated that the undiscounted future net cash inflows from the patent would be $325,000 and that its fair value is $275,000. Accordingly, for the year ended December 31, 2004, Chertco should recognize an impairment loss of a. $175,000(I THINK THIS IS THE CORRECT ANSWER) b. $50,000 c. $25,000 d. $0 Answer: $500,000 x 10% = $50,000 $500,000 -$50,000 = $450,000 $450,000 - $275,000 = $175,000 IS THIS CORRECT? 5. Vahala Inc. s fiscal year ends on December 31, 2005. Vahala provided the following information relating to possible liabilities at December 31, 2005. On September 30, 2005, Vahala Inc. signed a 9-month, 8 percent note due to Chase Bank with a face amount of $300,000 secured by the company s plant assets.What is the amount of accrued interest payable at December 31, 2005? a. $4,000 b. $6,000 c. $18,000 d. $24,000 (I THINK THIS IS THE CORRECT ANSWER) 6.Guzman Co. pays all salaried employees on a Monday for the 5-day workweek ended the previous Friday. The last payroll recorded for the year ended December 31, 2004 was for the week ended December 25, 2004. The payroll for the week ended January 1, 2005 included regular weekly salaries of $80,000 and vacation pay of $25,000 for vacation time earned in 2004 not taken by December 31, 2004. Guzman had accrued a liability of $20,000 for vacation pay at December 31, 2003. In its December 31, 2004 balance sheet, what amount should Guzman report as accrued salary and vacation pay? a. $64,000 b. $69,000 c. $84,000 d. $89,000 (I THINK THIS IS THE CORRECT ANSWER)