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Montana Company sold merchandise with a retail price of $40,000 for cash. They only accept cash. Montana Company is required to collect 6% state sales tax. The total cash received from customers was:

A.$2,400.
B.$38,200.
C.$40,000.
D.$42,400.

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Smith Corporation issues $2,000,000, 10-year, 8% bonds payable at a price of 98. The journal entry to record the issuance will include a:

A.debit to Cash of $2,000,000.
B.credit to Discount on Bonds Payable for $40,000.
C.credit to Bonds Payable for $1,960,000.
D.debit to Cash for $1,960,000.

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The carrying value of a bond immediately after the bond was issued was $245,000. The bond price was 80. The face value of the bond was:

A.$306,250.
B.$345,000.
C.$249,900.
D.$250,000.

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If bonds have been issued at a premium, over the life of the bonds, the:

A.carrying value of the bonds will decrease.
B.carrying value of the bonds will increase.
C.interest expense will increase.
D.interest payment will increase.

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Over the term of a bond, the amortization of the premium on bonds payable:

A.increases the amount of cash paid to bondholders annually.
B.decreases the amount of cash paid to bondholders annually.
C.increases interest expense.
D.decreases interest expense.

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Montana Company sold merchandise with a retail price of $40,000 for cash. They only accept cash. Montana Company is required to collect 6% state sales tax. The total cash received from customers was:

A.$2,400. B.$38,200. C.$40,000. D.$42,400.

Smith Corporation issues $2,000,000, 10-year, 8% bonds payable at a price of 98. The journal entry to record the issuance will include a:

The carrying value of a bond immediately after the bond was issued was $245,000. The bond price was 80. The face value of the bond was:

If bonds have been issued at a premium, over the life of the bonds, the:

Over the term of a bond, the amortization of the premium on bonds payable:

A.$2,400.
B.$38,200.
C.$40,000.
D.$42,400.