Stop Share 7002657/19 41668282600249509628507cafe(769a @thread facvz?threadid-1941668782ed024956952a50/C3le Q Search docx er 2021 ACCA 205 EXAM 2 SUMMER 2021 PROBS ONLY Accessibility ACCA 205 EXAM 2 SUMMER 2021 PROBLEMS 1. Below are the account balances for Joss Corporation as of its fiscal year ended April 30, 2020. Sales $320,000 Selling Expenses $100,000 Administrative Expenses $32,000 Cost of Goods Sold $160,000 Extraordinary loss from hurricane $150,000 Discontinued Operations. (1) Income from Discontinued Operations $40.000 (2) Loss on Disposal of discontinued Segment $28,000 Income Taxes applicable 40% Common stock outstanding: $4 par $20,000 Required: A Prepare an Income Statement for the year. [14 points] B Show the EPS section of the income statement. [ 4 points) 2. On November 1, 2019, Valleymen Corporation issued $800,000 worth of ten-year, 9 percent bonds. The semiannual interest dates are November 1 and May 1. The market interest rate of similar investments was 8.5 percent. The bonds were issued at a price of 103. Required: Ignoring year-end accruals, prepare entries in journal form without explanations to record the bond issue on November 1, 2019, and the payments of interest on May 1 and November 1, 2020. Use the effective interest method of amortization. Round answers to the nearest dollar [15 Points] N O