Question 32 (3 points) Apple Valley City issued callable bonds on January 1, 2021. The bonds pay interest annually on December 31 each year. AV's accountant has projected the following amortization schedule from issuance until maturity: Decrease in Carrying Value Interest Carrying Value $ 104,212 Date Cash Paid Expense 01/01/2021 $ 7,000 $ 6,253 $ 747 12/31/2021 103,465 12/31/2022 7,000 6,208 792 102,673 12/31/2023 7,000 6,160 840 101,833 12/31/2024 7,000 6,110 890 100,943 12/31/2025 7,000 6,057 943 100,000 AV City buys back the bonds for $103,000 immediately after the interest payment on 12/31/2024 and retires them. What gain or loss, if any, would Apple Valley record on this date? ) a) $2,057 gain. O b) $3,000 loss. Oc) $3,000 gain. O d) No gain or loss. Question 33 (3 points) When a company delivers a product or service for which a customer has previously paid, the company records the following: d) A debit to a revenue account and a credit to a liability account. b) A debit to a revenue account and a credit to an asset account. c) A debit to an asset account and a credit to a reveue account. O d) None of these. Question 34 (3 points) Saved Below is a T-account for inventory. Inventory 25,000 58,000 72,000 Jan 1. Mar. 25 Sep. 30 Apr. 24 Oct. 5 64,000 65,000 Which of the following is true? O a) All of the answer choices are correct. O b) The ending balance of inventory is $24,000. Inventory purchases during the year had a cost of $130,000. O d) Inventory sold during the year had a cost of $132,000