On December 16, 2020, the ACE Corporation purchases $15,000 of equipment by issuing a 30-day, 12% note payable. The total amount of interest due on the note is: $147.95 $1,800 $800 $73.97 Question 2 (1 point) Glow Corporation has 50,000 shares of preferred shares outstanding, with annual dividends paid at the rate of $1.50 per share. Glow also has 100,000 shares of common shares outstanding. If Glow declares a $250,000 dividend in 2020, each outstanding share of common shares would receive: $1.75 $2.50 $1.50 $1.17 Question 3 (1 point) When accounting for a stock split, the journal entry will include: the cash account is credited the retained earnings account is credited the retained earnings account is debited none of the other possible answers are correct Preferred shares are, in a sense, a hybrid between common shares and long-term debt. True False Question 5 (1 point) A repair to an appliance under warranty occurs within the warranty period. What adjustment is made? Estimated warranty payable is credited Repair expense is debited Estimated warranty payable is debited Warranty expense is debited Question 6 (1 point) A cash dividend becomes a legal liability of the corporation on the date of: payment declaration record on another date other than the above dates Question 7 (1 point) Bonds which mature at the same time are called: callable bonds term bonds convertible bonds serial bonds