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without looking up the answers , someone knowledgeble please let me know if im correct or wrong ! will give thumbs up 9.On Jan 1,

without looking up the answers , someone knowledgeble please let me know if im correct or wrong ! will give thumbs up image text in transcribed
9.On Jan 1, 20x2, a company purchases equipment by issuing a 7%, 8-year promissory note having a maturity value of $550,000 (interest payable annually). Assuming a discount rate of 11%, the machine will be recorded at a cost of $550,000 B) $436,788 C) $588,500 D) $533,500 ANSWER: A 10:Companies may create a variety of ownership interests besides common stock. Preferred stock is one variation. Preferred stockholders typically have preference as to A dividends 5) voting rights C) dividends and voting rights D) neither dividends nor voting rights ANSWER 11.A company issued 100,000 shares of its own $3 par common stock to purchase a piece of land The value of the stock is not easily determined, but the appraised value of the land is $575,000. The land should be recorded at a cost of A) $300,000 BU $275,000 $575,000 $450,000 ANSWER: 12 A company acquires 20,000 treasury shares at a cost of $5 per share. If it sells 5,000 of those shares back to the market at a price of $6 per share, the treasury stock account would be A) debited for $25,000 B) debited for $30,000 credited for $30,000 credited for $25,000 ANSWER: 13. Liquidating Gividends are considered a A) return on capital B) return with capital return of capital a loss on capital D ANISIACO

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