Smith Corporation is reviewing thefollowing transactions for its year-ended December 31, 2015.
For each item listed, indicate the:
A. Name of the account to use.
B. Whether it is current or long-term, asset or liability.
C. The amount.
1. On December 15, 2015 the company declared a $2.00 per sharedividend on 40,000 shares of
    common stock outstanding, to be paid onJanuary 5, 2013
  2. Credit sales for year amounted to $10,000,000.Smith estimates its Allowance for Doubtful
       Accounts as 3% ofcredit sales.
  3. At December 31, bonds payable of $100,000,000are outstanding. The bonds pay 12% interest
       every September 30and mature in installments of $25,000,000 every September 30.
  4. Bonuses to key employees based on net income for2015 are estimated to be $150,000.
  5. Included in long-term investments are 10-year U.S.Treasury bonds that mature March 31, 2016.
      The bonds were purchasedNovember 20, 2015.
  6. The accounts receivable account includes $20,000due in three years from employees.
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  7. The property, plant, and equipment account isstated at cost, except that it includes a parcel of
      land purchased forinvestment purposes at a cost of $40,000. Because of rising landprices, the
      value of the land has beenwritten up to $60,000. The company has an independent appraisal
       that attests to thisamount.
  8. Current liabilities include $50,000 forlong-term debt that is due in three months. The company
       has received a firmcommitment to refinance the debt for five years and intends to doso.
9. Investments in marketable securities include $20,000 inshort-term, high-grade commercial
      paper, which matures in 60days.
