QUESTION 29 Speedy Company issued $2,000,000 of 6%, 5-year bonds at 98. Assuming straight-line amortization...
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QUESTION 29 Speedy Company issued $2,000,000 of 6%, 5-year bonds at 98. Assuming straight-line amortization and annual interest payments, how much bond interest expense is recorded on the next interest date? A. $128,000 B. $60,000 C. $124,000 D. $120,000 QUESTION 30 The interest charged on a $90,000 note payable, at the rate of 6%, on a 60-day note would be A. $900. B. $1,350. C. $5,400. D. $2,700. QUESTION 31 Companies consider Bad Debt Expense: A. an avoidable cost in doing business on a credit basis. B. avoidable unless there is a recession. C. an internal control weakness. D. a necessary risk of doing business on a credit basis
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