MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answer the question * 1) On March 1, 2015, Vinnie Services issued a 5% long-term notes payable for $15,000. It is payable over a 3-year term in $5,000 principal installments on March 1 of each year, beginning March 1, 2016. Each yearly installment will include both principal repayment of $5,000 and interest payment for the preceding one-year period. What is the amount of total cash payment that the Vinnie will make on March 1, 2016? A) $5,375 B) $5,750 $5,000 D) $15,000 are categorized as either current assets or long-term assets on the balance sheet depending on the maturity date. A) Held-to-maturity investments B) Equity investments Trading investments D) Matured investments 3) Which of the following is true of a Discount on Bonds Payable account? A) It is added to the Bonds Payable balance and shown with long-term liabilities on the balance sheet. B) It is added to the Bonds Payable balance and shown with owner's equity on the balance sheet C) It is subtracted from the Bonds Payable balance and shown with the current liabilities on the balance sheet. D) It is subtracted from the Bonds Payable balance and shown with long-term liabilities on the balance sheet. " 4) Unrealized holding gains or losses on trading investments are reported in the section of the income statement. A) Fixed Assets B) Current Assets Minority Interest D) Other Revenues and Expenses * 5) On November 1, 2014, Archangel Services issued $300,000 of 5-year bonds with a stated rate of 10%. The bonds were sold at par, and Archangel makes semiannual payments on April 30 and October 31. At December 31, 2014, Archangel made an adjusting entry to accrue interest at year-end. No further entries were made until April 30, 2015, when the first payment was sent out How much interest expense was recorded for the period of January 1 to April 30, 2015? A) $24,000 B) $30,000 $10,000 D) $15,000 6) Rick Co. purchases 7,000 shares of its own $2 par value common stock for $160 per share. Which of the following is the correct journal entry to record this transaction? A) Debit Cash $2,240,000, and credit Paid-In Capital in Excess of Par-Common $2,240,000 B) Debit Treasury Stock-Common $1,120,000 and credit Cash $1,120,000 Debit Cash $2,240,000 and credit Treasury Stock-Common $2,240,000. D) Debit Common Stock-$2 Par Value $2,240,000 and credit Cash $2.240,000 7) The par value of stock is A) the price paid if the corporation purchases its own stock back. B) the current selling price of stock. the highest price for which a share can sell D) the amount assigned by a company to a share of its stock