Question 27-30

QUESTION 27 The journal entry to record the redemption of bonds at the maturity date would include a O A. Debit to bonds payable for the bond's principal amount ! O B. Credit to bonds payable for the bond's principal amount O Debit to bonds payable for the sum of the bond's principal amount plus accumulated interest Debit to bonds payable for the current selling price of a bond with similar risk QUESTION 28 Layton Manufacturing Corp. issues 30,000 shares of $5 par value preferred stock for $100 cash per share. The journal entry to record the transaction will consist of a credit or credits to O A Preferred Stock for $150,000 and Paid in Capital in Excess of Par Value-Preferred Stock for $2.850,000 B. Preferred Stock for $150,000 and Gain on Sale of Stock for S2 850,000 C. Cash for $3,000,000 D. Preferred Stock for 53.000.000 Click Save and Submit to save and submit. Click Save All Answers to save all answers Save All Answers Close Windon Type here to search QUESTION 29 On January 1, 2019, Loveland Ski Company issued $1,000,000 of notes payable, of which $250,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2019 is O A. Current liabilities, $250,000; Long-term liabilities, $750,000 O B. Current liabilities, $1,000,000 OC. Current liabilities, $500,000: Long-term liabilities, $500,000 O D.Long-term liabilities, $1,000,000 QUESTION 30 How should the balance of Accumulated Depreciation be reported in the financial statements? O A. As an expense in the income statement. B. As a component of paid-in capital in stockholders' equity in the balance sheet C. As a liability in the balance sheet D. As a direct deduction from its related asset account in the balance sheet Click Save and Submit to save and submit. Click Save All Amers to save all aners Save All Answers Clos Type here to search