$7.$ Jerry recently was offered a position with a major accounting firm. The firm offered Jerry either a signing bonus of $$23,000$ payable on the first day of work or a signing bonus of $$26,000$ payable after one year of employment. Assuming that the relevant interest rate is $10\%,$ which option should Jerry choose?a$.$ The options are equivalent.b$.$ Insufficient information to determine.c$.$ The signing bonus of $$23,000$ payable on the first day of work.d$.$ The signing bonus of $$26,000$ payable after one year of employment$\mathrm{.}8.$ The income statement reportsa. revenues and expenses for a given point in time.b$.$ revenues and expenses for a specific date.c$.$ revenues, expenses, gains and losses for a specified period of time.d$.$ revenues, expenses, gains and losses for a specific date$\mathrm{.}9.$ Which of the following would be disclosed in the summary of significant accounting policies disclosure note?Composition of Long$-$Term DebtNob. YesC. Yesd. NoDepreciation MethodYesNoYesNoa$\mathrm{.}10.$ A subsequent event for an entity with a December $31,2024$ year$-$end would NOT include a$($n$)$:a$.$ Change in the estimated useful lives of equipment in January $2025$b$.$ Major uncertainty on December $31,$ resolved in January $2025$c$.$ Acquisition of another company in January $2025$d$.$ Issuance of bonds in January $20253$