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  3. 1. lopez company received $18,000 on april 1, 2017

1. Lopez Company received $18,000 on April 1, 2017 for one year's rent in advance...

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Accounting

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1. Lopez Company received $18,000 on April 1, 2017 for one year's rent in advance an recorded the transaction with a credit to a nominal account. The December 31, 2017 adjusting entry is A) debit Unearned Rent Revenue and credit Rent Revenue, $4,500. B) debit Unearned Rent Revenue and credit Rent Revenue, $13,500. C) debit Rent Revenue and credit Unearned Rent Revenue, $4,500. D) debit Rent Revenue and credit Unearned Rent Revenue, $13,500. 2. Which of the following is an ingredient of faithful representation? A) Predictive value B) Materiality C) Neutrality D) Confirmatory value bol 3. During 2017, Lopez Corporation disposed of Pine Division, a major component business. Lopez realized a gain of $3,000,000, net of taxes, on the sale of Pine's Pine's operating losses, net of taxes, were $3,500,000 in 2017. How should thes be reported in Lopez's income statement for 2017? Total Amount to be Included in Income from Continuing Operations Results of Discontinued Operations

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