,y question is attached below please I have 40 minutes

1. (TCO D) The printing costs and legal fees associated with the issuance of bonds should (Points : 5) be expensed when incurred. be reported as a deduction from the face amount of bonds payable. be accumulated in a deferred charge account and amortized over the life of the bonds. not be reported as an expense until the period in which the bonds mature or are retired. Question 2.2. (TCO D) A corporation borrowed money from a bank to build a building. The long-term note signed by the corporation is secured by a mortgage that pledges title to the building as security for the loan. The corporation is to pay the bank $80,000 each year for 10 years to repay the loan. Which of the following relationships can you expect to apply to the situation? (Points : 5) The balance of mortgage payable at a given balance sheet date will be reported as a long-term liability. The balance of mortgage payable will remain a constant amount over the 10-year period. The amount of interest expense will decrease each period the loan is outstanding, while the portion of the annual payment applied to the loan principal will increase each period. The amount of interest expense will remain constant over the 10-year period. Question 3.3. (TCO D) On January 1, Year 1, Congo.com issued $1,000,000, 9% 10-year bonds (interest paid annually) to yield 8%. The present value of $1 at 9% for 10 years is 0.4224 and the present value of an ordinary annuity of $1 at 9% for 10 years is 6.4177. The present value of $1 at 8% for 10 years is 0.4632 and the present value of an ordinary annuity of $1 at 8% for 10 years is 6.7101. Which of the following is closest to the selling price of the bond? (Points : 5) $920,000 $1,000,000 $1,040,800 $1,067,100 Question 4.4. (TCO D) On January 1, 2010, Jacobs Company sold property to Dains Company that originally cost Jacobs $760,000. There was no established exchange price for this property. Dains gave Jacobs a $1,200,000 zero-interest-bearing note payable in three equal annual installments of $400,000, with the first payment due December 31, 2010. The note has no ready market. The prevailing rate of interest for a note of this type is 10%. The present value of a $1,200,000 note payable in three equal annual installments of $400,000 at a 10% rate of interest is $994,800. What is the amount of interest income that should be recognized by Jacobs in 2010, using the effective-interest method? (Points : 5) $0. $40,000. $99,480. $120,000. Question 5.5. (TCO D) On July 1, Year 1, Planet Corporation sold Ken Company ten-year, 8% bonds with a face amount of $500,000 for $520,000. The market rate was 6%. The bonds pay interest semiannually on June 30 and December 31. For the six months ended December 31, Year 1, what amount should Planet report as bond interest expense and long-term liability in the balance sheet and income statement for Year 1? (Points : 5) B/S I/S $ 511,200 $ 31,200 $ 500,000 $ 20,000 $ 504,400 $ $ 515,600 4,400 $ 15,600