5. Misk, Inc. received from a customer a one year, S750,000 note bearing annual interest of 9%. After holding the note for six months, Misk discounted the note at National Bank at an effective interest rate of 12%. what amount of cash did Mick receive from the bank? a) $700,950 b) $719,400 c) $780,713 d) $768,450 6. Mary signed up and paid $1200 for a 6 month ceramics course on June 1t with Choplet Ceramics. As of August It, Choplet's accounting records would indicate: a) $400 of revenue, $800 of accounts receivable b) S400 of revenue, $800 of deferred revenue $1,200 of revenue, $1,200 of cash $800 of revenue, $400 of accounts receivable c) d) 7. X Dry cleaning company acquired an equipment for pressing clothes $350,000 that is expected to have a useful life of 20 years and a salvage value of $20,000. It is expected that the press will have very little resale value but is essential to the company as it is the company's primary revenue producing asset. When is X Company required to evaluate the asset for impairment? Only when events or circumstances indicate that the carrying value will not be recovered during the asset's remaining life. a) b) At least annually c) d) Whenever financial statements are prepared. When the fair value of the printing press exceeds its carrying value. 8. Which one of the following statements is TRUE regarding earnings per share (EPSs) lisclosures under GAAP