Hello, I need help with 3 quick questions. Thank you very much!

1) T or F Exchanges of assets are always recorded at the book value of the asset received.

2) Bob Company purchased a copyright from Filene Corporation on January 1, 20X4. Bob agreed to make payments of $10,000 per year for 5 years, with the first payment being made immediately. The copyright will also be amortized over 5 years. Assume an interest rate of 7 percent per year is appropriate. At what value will the copyright be recorded on January 1, 20X4?

A) $43,872

B) $60,757

C) $40,000

D) $44,390

E) $50,000

3) Which of the following needs to be adjusted, if a restatement of a prior period financial statement is necessary?

A) Revenue

B) Retained earnings

C) Contingent Liabilities

D) Long-term Liabilities

E) Fixed Assets

4) John Company reports a gain on its income statement in the current year, but will not report it on its tax return for 2 years. Which of the following is true of John?

A) John will report a deferred income tax liability in the third year.

B) John will have a lower reported net income than taxable income in Year One.

C) John will still need to pay to the IRS in the current year for the tax due on the gain.

D) John will report tax expense on the gain in the current year.

E) John will report gain, net of tax on Year Two income statement.