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On January 1, the Kings Corporation issued 10% bonds with a face value of $118,000. The bonds are sold for $115,640. The bonds pay interest semiannually on June 30 and December 31 and the maturity date is December 31, ten years from now. Kings records straight-line amortization of the bond discount. Determine the bond interest expense for the year ended December 31 of the first year is.

Select the correct answer.

$12,036

$2,360

$11,564

$11,800

On January 1, Sunshine Corporation had 38,000 shares of $12 par value common stock issued and outstanding. All 38,000 shares had been issued in a prior period at $22 per share. On February 1, Sunshine purchased 1,140 shares of treasury stock for $29 per share and later sold the treasury shares for $20 per share on March 1.

Which of the following would be included in the journal entry to record the purchase of the treasury shares on February 1?

Select the correct answer.

debit to a loss account for $7,980.

debit to Treasury Stock for $33,060.

credit to a gain account for $7,980.

credit to Treasury Stock for $33,060.

The current period statement of cash flows includes the following:

Cash balance at the beginning of the period	$446,664
Net cash flow from operating activities	168,045
Net cash flow used for investing activities	51,412
Net cash flow used for financing activities	102,902

Find the cash balance at the end of the period.

$769,023

-$154,314

$460,395

$124,305

If Larger Company issues 1,900 shares of $7 par value common stock for $39,900, determine the result of the transaction on the accounts.

Select the correct answer.

Paid-in Capital in excess of Par Value will be credited for $26,600.

Common Stock will be credited for $39,900.

Cash will be debited for $13,300.

Paid-in Capital in excess of Par Value will be credited for $13,300.

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