X Company issued at par 4-year term bonds with a par value of $100,000, dated January 1, 2020, and bearing interest at an annual rate of 6 percent payable annually on December 31. At the time of issue, the market rate for such bonds is 9 percent. X amortizes the discount or premium using effective interest rate method. Required: 1- Compute the selling price of bond. 2- Record the journal entry. 3- Prepare schedual of amortization. 4- Record the adjusting entries for all years. 5- Record the jornal entry of paying the principle at the end of period. Q2 Described below are certain transactions of L Company for 2021: 1. On May 10, the company purchased goods from F Company for $80,000, terms 3/10, n/30. The invoice was paid on May 23. 2. On June 1, the company purchased equipment for $150,000 from R Company, paying $40,000 in cash and giving a one-year, 9% note for the balance. 3. On October 30, the company discounted at 11% its $300,000, one-year zero-interest-bearing note at Virginia State Bank, receiving $270,000. Instructions (a) Prepare the journal entries necessary to record the transactions above using appropriate dates. (b) Prepare the adjusting entries necessary at December 31, 2021 in order to properly report interest expense related to the above transactions. Assume straight-line amortization of discounts. (c) Indicate the manner in which the above transactions should be reflected in the Current Liabilities section of Lamar Company's December 31, 2021 balance sheet. Q3 1 - What is the rule that used to distinguish current and long- term liabilities? 2 - Give 5 examples of intangible assets? Q4 The following information relates to a patent owned by Gentry Company: Carrying amount 1,700,000 Fair value 1,200,000 Instructions (a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2019. (b) Using the same assumption as part (a) above, prepare the journal entry to record amortization expense for 2020 assuming the asset has a remaining useful life of 3 years at the beginning of 2020. Q5 Whir are the characteristics of tangible and Intangible assets? *****$$$!!QUESTION NO. 1: (15 Points) X Company issued at par 4-year term bonds with a par value of $100,000, dated January 1, 2020, and bearing interest at an annual rate of 6 percent payable annually on December 31. At the time of issue, the market rate for such bonds is 9 percent. X amortizes the discount or premium using effective interest rate method. Required: 1- Compute the selling price of bond. 2- Record the journal entry. 3- Prepare schedual of amortization. 4- Record the adjusting entries for all years. 5- Record the jornal entry of paying the principle at the end of period. QUESTION NO. 2: (10 Points) Described below are certain transactions of L Company for 2021: 1.On May 10, the company purchased goods from F Company for $80,000, terms 3/10, n/30. The invoice was paid on May 23. 2.On June 1, the company purchased equipment for $150,000 from R Company, paying $40,000 in cash and giving a one-year, 9% note for the balance. 3.On October 30, the company discounted at 11% its $300,000, one-year zero-interest-bearing note at Virginia State Bank, receiving $270,000. Instructions (a)Prepare the journal entries necessary to record the transactions above using appropriate dates. (b)Prepare the adjusting entries necessary at December 31, 2021 in order to properly report interest expense related to the above transactions. Assume straight-line amortization of discounts. (c)Indicate the manner in which the above transactions should be reflected in the Current Liabilities section of Lamar Company's December 31, 2021 balance sheet. QUESTION NO. 1: (15 Points) X Company issued at par 4-year term bonds with a par value of $100,000, dated January 1, 2020, and bearing interest at an annual rate of 6 percent payable annually on December 31. At the time of issue, the market rate for such bonds is 9 percent. X amortizes the discount or premium using effective interest rate method. Required: 1- Compute the selling price of bond. 2- Record the journal entry. 3- Prepare schedual of amortization. 4- Record the adjusting entries for all years. 5- Record the jornal entry of paying the principle at the end of period. QUESTION NO. 2: (10 Points) Described below are certain transactions of L Company for 2021: 1.On May 10, the company purchased goods from F Company for $80,000, terms 3/10, n/30. The invoice was paid on May 23. 2.On June 1, the company purchased equipment for $150,000 from R Company, paying $40,000 in cash and giving a one-year, 9% note for the balance. 3.On October 30, the company discounted at 11% its $300,000, one-year zero-interest-bearing note at Virginia State Bank, receiving $270,000. Instructions (a)Prepare the journal entries necessary to record the transactions above using appropriate dates. (b)Prepare the adjusting entries necessary at December 31, 2021 in order to properly report interest expense related to the above transactions. Assume straight-line amortization of discounts. (c)Indicate the manner in which the above transactions should be reflected in the Current Liabilities section of Lamar Company's December 31, 2021 balance sheet. QUESTION NO. 1: (15 Points) X Company issued at par 4-year term bonds with a par value of $100,000, dated January 1, 2020, and bearing interest at an annual rate of 6 percent payable annually on December 31. At the time of issue, the market rate for such bonds is 9 percent. X amortizes the discount or premium using effective interest rate method. Required: 1- Compute the selling price of bond. 2- Record the journal entry. 3- Prepare schedual of amortization. 4- Record the adjusting entries for all years. 5- Record the jornal entry of paying the principle at the end of period. QUESTION NO. 2: (10 Points) Described below are certain transactions of L Company for 2021: 1.On May 10, the company purchased goods from F Company for $80,000, terms 3/10, n/30. The invoice was paid on May 23. 2.On June 1, the company purchased equipment for $150,000 from R Company, paying $40,000 in cash and giving a one-year, 9% note for the balance. 3.On October 30, the company discounted at 11% its $300,000, one-year zero-interest-bearing note at Virginia State Bank, receiving $270,000. Instructions (a)Prepare the journal entries necessary to record the transactions above using appropriate dates. (b)Prepare the adjusting entries necessary at December 31, 2021 in order to properly report interest expense related to the above transactions. Assume straight-line amortization of discounts. (c)Indicate the manner in which the above transactions should be reflected in the Current Liabilities section of Lamar Company's December 31, 2021 balance sheet