There are 5 questions. 
On March 1, 2018, Barker Services issued a 4 % long-term notes payable for $24,000. It is payable over a 6-year term in $6,000 annual principal payments on March 1 of each year plus interest, beginning March 1, 2019. How will the notes payable be shown on the balance sheet dated December 31, 2018? OA. $6,000 shown as current liability and $18,000 shown as long-term liability O B. $6,000 shown as current liability and $24,000 shown as long-term liability O C. the entire $24,000 shown as long-term liability O D. $24,000 shown as current liability only Compute the present value of $32,000, invested for six years at 9% Present value of $1: 5% 6% 7% 8% 9% 0.840 0.864 0.816 0.794 0.772 4 0.823 0.792 0.763 0.735 0.708 0.784 0.747 0.713 0.681 0.650 0.705 0.666 0.630 6 0.746 0.596 0.711 0.665 0.623 0.583 0.547 O A. $21,952 O B. $24,405 O C. $19,072 O D. $16,192 L CO N On December 1, 2018, Modern Dining Products borowed $98,000 on a 8 % , 5-year note with annual installment payments of $19,600 plus interest due on December 1 of each succeeding year. On December 1, the principal amount was recorded as a long-term note payable. What amount of the note payable will be shown as current portion of Long-Term Note Payable on the balance sheet as of December 31, 2018? (Round your answer to nearest whole number.) A. $39,200 O B. $7,840 O C. $27,440 D. $19,600 On December 31, 2018, Country Living Sales has 10-year Bonds Payable of $103,000 and Discount on Bonds Payable of $3,350. How will this be shown on the December 31, 2018 Balance Sheet? A. Bonds Payable $103,000 less Discount on Bonds Payable $3,350 for a carrying amount of $99,650 B. Bonds Payable $103,000 less one-tenth of $3,350 for a carrying amount of $102,665 C. Bonds Payable $103,000 D. Bonds Payable $103,000 plus Discount on Bonds Payable for a carrying amount of $106,350 OOOO The face value of a bond is $79,000, its stated rate is 7 %, and the term of the bond is five years. The bond pays interest semiannually. At the time of issue, the market rate is 8%. Determine the present value of the bonds at issuance. Present value of $1 5% 4% 7% 0.747 0713 6% 8 % 0.681 0.822 5 0.784 0.790 0.746 6 0.705 0.666 0.630 7 0.760 0.711 0.623 0.665 0.583 0.731 0.677 0.627 0.582 0.540 9 0.703 0.592 0.645 0.544 0.500 10 0.676 0.463 0.614 0.558 0.508 Present value of ordinary annuity of $1 4 % 6 % 7 % 5% 8% OA. $79,000 O B. $22,427 O C. $75,831 D. $56,573 0.583 0.623 0.711 0.665 7 0.760 0.582 0.540 0.677 0.627 0.731 8 0.544 0.500 0.645 0.592 0.703 0.614 0.558 0.508 0.463 0.676 10 Present value of ordinary annuity of $1: 4% 5% 6% 7% 8% 5 4.452 4.329 4.212 4.100 3.993 6 5.242 5.076 4.917 4.767 4.623 7 6.002 5.786 5.582 5.206 5.389 8 6.733 6.463 6.210 5.971 5.747 7.435 7.108 6.802 6.515 6.247 10 8.111 7.722 7.360 7.024 6.710 OA. $79,000 O B. $22,427 O C. $75,831 OD. $56,573
