$3$

$7.$ On March $1,2025,$ Hill issued $500$ of its $$100$ face value bonds at $103$ plus accrued interest. The bonds were dated January $1,2025,$ and bear interest at an annual rate of $9\%$ payable semiannually on June $30$ and December $31.$ What total amount of cash did Hill receive on the date the bonds were sold?

a$.$ $$51,500$

b$.$ $$52,250$

c$.$ $$53,000$

d$.$ $$52,625$

e$.$ $$56,000$

$8.$ A company declares a cash dividend on its common stock on December $15,2025,$ payable on January $12,2026.$ The date of record is December $31,2025.$ How would this dividend affect shareholders' equity on each of the following dates?

$9.$ In $2012,$ Fogg, Inc. issued $3,000$ shares of $$5$ par value common stock for $$25$ per share. No other common stock transactions occurred until March $31,2025$ when Fogg acquired $1,000$ of the issued shares for $$20$ a share and retired them. Which of the following is included in the retirement journal entry on March $31?$

a$.$ Debit Paid in Excess by $$15,000.$

b$.$ Credit Common Stock by $$5,000.$

c$.$ Debit Common Stock by $$15,000.$

d$.$ Credit Gain on Sale of Treasury Stock by $$5,000.$

e$.$ Credit Common Stock by $$15,000.$

$10.$ On January $2,2024,$ West Co$.$ issued $9\%$ bonds in the amount of $$500,000,$ which mature on January $2,2034.$ The bonds were issued for $$414,000$ to yield $12\%.$ Interest is payable semiannually on June $30$ and December $31.$ West uses the effective interest method of amortizing bond discount. In its June $30,2024$ balance sheet, what amount should West report as bonds payable, net of remaining discount?

a$.$ $$414,000$

b$.$ $$416,340$

c$.$ $$417,870$

d$.$ $$418,680$