Smith Corporation is reviewing the following transactions for its year-ended December 31, 2015.

For each item listed, indicate the:

A. Name of the account to use.

B. Whether it is current or long-term, asset or liability.

C. The amount.

1. On December 15, 2015 the company declared a $2.00 per share dividend on 40,000 shares of

common stock outstanding, to be paid on January 5, 2013

2. Credit sales for year amounted to $10,000,000. Smith estimates its Allowance for Doubtful

Accounts as 3% of credit sales.

3. At December 31, bonds payable of $100,000,000 are outstanding. The bonds pay 12% interest

every September 30 and mature in installments of $25,000,000 every September 30.

4. Bonuses to key employees based on net income for 2015 are estimated to be $150,000.

5. Included in long-term investments are 10-year U.S. Treasury bonds that mature March 31, 2016.

The bonds were purchased November 20, 2015.

6. The accounts receivable account includes $20,000 due in three years from employees.

7. The property, plant, and equipment account is stated at cost, except that it includes a parcel of

land purchased for investment purposes at a cost of $40,000. Because of rising land prices, the

value of the land has been written up to $60,000. The company has an independent appraisal

that attests to this amount.

8. Current liabilities include $50,000 for long-term debt that is due in three months. The company

has received a firm commitment to refinance the debt for five years and intends to do so.

9. Investments in marketable securities include $20,000 in short-term, high-grade commercial

paper, which matures in 60 days.