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Brightoace Hilsen Question 5 0/4 points LO3. A company has a factory building that originally cost the company $250,000. The current fair value of the factory building is $3 million. The president would like to report the difference as a gain. The write-up would represent a violation of which accounting assumption or principle? a) Revenue recognition b) Going concern c) Historical cost. d) Monetary unit. e) Both "a" and "care correct Cant Question 6 0/4 points LO4. Alberto Company purchased 400 units of a product called Zoom at $6 each plus 8% of sales taxes not included in the price. Terms were 2/10, 1/30, FOB Shipping Point. Shipping cost was $100. Company is using perpetual inventory system. Provide the necessary Journal entry to record the transaction Credit Debit A) Merchandise Inventory 2,400 Sales Tax Expense 192 Shipping Expense 100 Accounts Payable B) Merchandise Inventory 2,692 Accounts Payable 2,692 2,692 C) Purchases Sales Tax Expense Freight-in Accounts Payable 2.400 192 100 2,692 D) Purchases Freight-in Accounts Payable 2,592 100 2,692 Example of Answer: A Answer: C Question 7 0/4 points LO4. Edwards Company issued and sold $800,000 10-year 5% bonds. Interest will be paid on a semiannual basis. Market interest was 4%. Provide the appropriate journal entry for the sale/issue of the bond. Debit 800,000 Credit A) Bonds Payable Cash 800,000 855,255 B) Cash Premium on Bonds Payable Bonds Payable 55.255 800,000 786,450 13,550 800,000 c) Cash Discount on Bonds Payable Bonds Payable D) Cash Premium on Bonds Payable Bonds Payable 865,405 65.405 800,000