1. Discuss in detail the purpose of a US Customs Bond.

2. Briefly explain two types of customs bonds used for the release of goods into the United States

3. Explain in your own words, the purpose and use of 5 US customs bonds

4. Calculate what fees are payable for the cell phones leaving Canada by Ocean for the United States.

Transaction details for the shipment: ABC Canada INC., exports 1000 cell phones, country of Origin China. The value of the phone is US$120000.00. The US import duty rate is 8.5%. (Show all calculations using the format of calculation provided in the picture down here )

Use this picture as an example to answer question Number 4. Use the same method shown in this picture to answer Question 4.