Question 22 (1 point) When the interest payment dates of a bond are May 1 and November 1, and a bond issue is sold on June 1, the amount of cash received by the issuer will be decreased by accrued interest from May 1 to June 1. decreased by accrued interest from June 1 to November 1. increased by accrued interest from May 1 to June 1. increased by accrued interest from June 1 to November 1. Page 14 of 14 Question 23 (1 point) Baxter Ltd. has made a total of S 46,500 in instalments for corporate income tax for calendar 2020, all of which have been debited to Current Tax Expense. At year end, Dec 31, 2020, the accountant has calculated that the corporation's actual tax liability is only S 43,000. What is the correct adjusting entry to reflect this fact? Dr. Current Tax Expense S 43,000. Cr. Income Taxes Payable $ 43,000 Dr. Current Tax Expense S 3,500, Cr. Income Taxes Payable S 3,50 Dr. Income Taxes Receivable $ 3,500, Cr. Current Tax Expense S 3,500 Dr. Income Taxes Payable, S 3,500, Cr. Current Tax Expense $ 3,500 Question 24 (1 point) Asbestos Corp. is being sued for illness caused to local residents as a result of negligence on the company's part in permitting the local residents to be exposed to highly toxic chemicals. Question 24 (1 point) Asbestos Corp. is being sued for illness caused to local residents as a result of negligence on the company's part in permitting the local residents to be exposed to highly toxic chemicals. Asbestos's lawyer states that it is likely the corporation will lose the suit and be found liable for a judgement which may cost Asbestos anywhere from $ 300,000 to $ 1,500,000. However, the lawyer states that the most likely cost is S 900,000. As a result of the above facts, using ASPE, Asbestos should accrue a loss contingency of $ 900,000 but not disclose any additional contingency. a loss contingency of $ 300,000 and disclose an additional contingency of up to s 1,200,000. a loss contingency of S 900.000 and disclose an additional contingency of up to $ 600,000. no loss contingency but disclose a contingency of $ 300,000 to $ 1,500,000 TSUS Question 25 (2 points) The shareholders' equity section of Zagreb Corp. at December 31, 2019 was: Common shares, no par value; authorized 20,000 shares; issued and outstanding 10,000 shares... $ 50,000 Retained earnings.......... 200.000 $ 250,000 On February 28, 2020, when the market value of Zagreb's shares was s 12 per share, the board of directors declared a 15% stock dividend, and accordingly 1,500 additional shares were issued. For the two months ended February 28, 2020, Zagreb reported a net loss of S 20,000. What amount should Zagreb report as retained earnings at February 28, 2020? S 198,000 $ 182,000 S 162,000 S 180,000 ASUS