Please answer questions below ..............................................

700. ABC records 00 0 200 y 37) In a periodic inventory system, the entry at the time of a sale to record the cost of inventory sold includes a: A) Debit to Cost of Goods Sold. C) Debit to Accounts Receivable. (B) Not recorded at this time of the sale. DJ Credit to Cost of Goods Sold. 138) Lowerr of Cost or Market is based on which accounting principle? A) Conservatism B) Timeliness C) Going Concern D) Consistency 139) ABC purchases a copyright for $50,000. The copyright has a remaining legal life of 25 years, but only an expected useful life of five years with no residual value. Assuming the company uses the straight-line method, what is the carrying value at the end of the first year? A) $0. (B) $40,000. C) $50,000. D) $10,000. 140) Below are excerpts from interest tables for 8% interest. 2 3 4 1.0000 0.92593 1.08000 0.92593 2 2.0800 0.85734 1.16640 1.78326 3 3.2464 0.79383 1.25971 2.57710 4 4.5061 0.73503 1.36049 3.31213 Column 2 is an interest table for the: A) Present value of $1. B) Future value of $1. C) Present value of an annuity of $1. D) Future value of an annuity of $1. 141) For a journal entry with only two lines, the following entry is valid: Decrease in Revenue, Increase in Expense. A) False B) True 142) ABC estimates uncollectible accounts based on the percentage of accounts receivable. What effect will recording the estimate of uncollectible accounts have on the accounting equation? A) Increase assets and decrease stockholders' equity. B) Increase liabilities and decrease stockholders' equity. C) Decrease assets and decrease liabilities. D) Decrease assets and decrease stockholders' equity. 143) Bond X and Bond Y are both issued by the same company. Each of the bonds has a face value of $100,000 and each matures in 10 years. Bond X pays 8% interest while Bond Y pays 7% interest. The current market rate of interest is 7%. Which of the following is correct? A) Both bonds will sell at a premium. B) Both bonds will sell for the same amount. C) Bond X will sell for more than Bond Y. D) Bond Y will sell for more than Bond X. 22