Mind Med Ltd. purchased equipment for $290,500 cash. Shipping and testing of the equipment is $25,000. Cannabis purchases a 1-year insurance policy on the equipment for $1,500. What amount does Cannabis Medical record as the cost for the equipment? Select one: a. $290,500 b. $315,500 c. $292,000 d. $317,000 Podkolzin Corp. acquired a 10 year, 5%, 150,000 mortgage payable to finance the construction of a hockey school on January 1, Year 1. If semi-annual payments are required on June 30th and December 31st of each year, what is the interest expense that we would record on December 31st Year 1 assuming a fixed principal payment of $7,500/payment? Select one: a. $7,500 b. $3,563 c. $3,686 d. $3,750 Accounting transactions that are recorded in financial statements are Select one: a. Economic events that impact the financial statements. b. Economic events that may or may not change assets, liabilities, or shareholders' equity. c. Cash transactions only. d. Non-cash transactions only. Which financial statement reports on an organization's operations over a period of time. Select one: a. Statement of Owner's Equity b. Trial Balance c. Cash Flow Statement d. Income Statemeia e. Statement of Financial Position