Please ignore question # 4

1. On December 31, 2018, Relax Company issued 8% stated rate bonds with a face amount of $100 million. The bonds mature on December 31, 2048, Interest is payable annually on each December 31 , beginning in 2019. Determine the price of the bonds on December 31,2018 , assuming that the market rate of interest for similar bonds was 6%. 2. Equestrian Corporation has Retained earnings of $100,000, Total paid-in capital of $50,000 and Accumulated Other Comprehensive Income ( AOCl ) of $5,000. If total liabilities for Equestrian Corporation are $75,000, what are total assets? 3. Fine Wine, Inc. sells a package for wine lovers consisting of a refrigerated cellar, rare wine, and on-site installation by Fine Wine staff. The installation includes making sure the rare wine remains at an optimal temperature to enhanee the value of the wine. Fine Wine concludes that the refrigerated cellar, rare wine, and installation service are separate performance obligations. Fine Wine sells the refrigerated cellar separately for $5,000, sells the rare wine separately for $2,000, and offers the installation service separately for $1,000. The entire package sells for $7,000. If the package is sold, how much revenue would be allocated to the rare wine? 4. There are five steps used to apply the revenue recognition principle. In the space below, write step x. Please only write step x. 5. The trial balance for Lee Beer, Inc., listed the following account balances at December 31,2018 , the end of its fiscal year: cash, $25,000; accounts receivable, $12,000; inventories, $22,000; equipment (net), $70,000; accounts payable, $14,000; wages payable, $9,000; interest payable, $11,000, note payable (due in 18 months), $25,000; common stock, $50,000. Determine the year-end balance in retained eamings for Lee Beer, Inc. 6. Petit Red Corporation reported the following information in 2017 : Assume a tax rate of 30%. For 2017 , Petit Red would report comprehensive income of