On March 31, 2024, a company purchased the right to remove gravel from an old rock quarry. The gravel is to be sold as roadbed for highway construction. The cost of the quarry rights was $164,000, with estimated salable rock of 20,000 tons. During 2024 , The company loaded and sold 4,000 tons of rock and estimated that 16,000 tons remained on December 31,2024 . On January 1, 2025, the company estimated that 20,000 tons still remained. During 2025 , the company loaded and sold 8,000 tons. The company uses the units-of-production method. The company would record depletion in 2024 in the amount of: Multiple Choice $41,000. $32,800. $24,600. On January 1,2024 , an investor paid $249,000 for bonds with a face amount of $300,000. The contract rate of interest is 8% while the current market rate of interest is 10%. Using the effective interest method, how much interest income is recognized by the investor in 2025 (assume annual interest payments and amortization)? Multiple Choice $25,140 $23,184 $24,990 $24,900 Peterson Photoshop sold $1,400 in gift cards on a special promotion on October 15,2024 , and sold $2,100 in gift cards on another special promotion on November 15, 2024. Of the cards sold in October, $140 were redeemed in October, $350 in November, and $420 in December. Of the gift cards sold in November, $210 were redeemed in November and $490 were redeemed in December. Peterson views the probability of redemption of a gift card as remote if the card has not been redeemed within two months. At 12/31/2024, Peterson would show a deferred revenue account for the gift cards with a balance of: Multiple Choice $0. $2,100 $1,400 Bear Inc. has bonds outstanding during a year in which the general (risk-free) rate of interest has fallen. Bear elected the fair value option for the bonds upon issuance. What will the company report for the bonds in its income statement for the year? Multiple Choice Interest expense and a gain. Interest expense and no gain or loss. A gain and no interest expense Interest expense and a loss. On February 1, 2023, Pat Weaver Incorporated (PWI) issued 10\%, $1,800,000 bonds for $2,100,000. PWI retired all of these bonds on January 1, 2024, at 105 . Unamortized bond premium on that date was $189,000. How much gain or loss should be recognized on this bond retirement? Multiple Choice $99,000 gain $180,000 gain $99,000 loss $210,000 gain