Question

1. A bond with a face value of $80,000 and an unamortized discount of $2,000 is redeemed at a price of $81,000. What is the gain or loss on redemption?
a. $1,000 loss
b. $3,000 loss
c. $1,000 gain
d. $3,000 gain
2. An operating lease:
a. allows a company to finance an asset without reporting a liability on the balance sheet.
b. can be disclosed in the notes to the financial statements.
c. Both a and b
d. Neither a nor b
3. Which of the following is necessary for a contingent liability to exist?
a. There must be an existing condition


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  • CreatedJuly 16, 2015
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