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Question: You have been asked by a client

You have been asked by a client to review the records of Inteq Corporation, a small manufacturer of precision tools and machines that follows ASPE. Your client is interested in buying the business, and arrangements were made for you to review the accounting records. Your examination reveals the following. 1. Inteq Corporation started business on April 1, 2017, and has been reporting on a fiscal year ending March 31. The company has never been audited, but the annual statements prepared by the bookkeeper reflect the following income before closing and before deducting income tax:
You have been asked by a client to review the records of Inteq Corporation, a small manufacturer of precision tools and machines that follows ASPE. Your client is interested in buying the business, and arrangements were made for you to review the accounting records. Your examination reveals the following. 1. Inteq Corporation started business on April 1, 2017, and has been reporting on a fiscal year ending March 31. The company has never been audited, but the annual statements prepared by the bookkeeper reflect the following income before closing and before deducting income tax: 2. A relatively small number of machines have been shipped on consignment. These transactions were recorded as ordinary sales and billed in this way, with the gross profit on each sale recognized when the machine was shipped. On March 31 of each year, the amounts for machines billed and in the hands of consignees were as follows: The sales price was determined by adding 30% to cost. Assume that the consigned machines are sold the following year. 3. On March 30, 2019, two machines were shipped to a customer on a C.O.D. basis. The sale was not entered until April 5, 2019, when $6,100 cash was received. The machines were not included in the inventory at March 31, 2019. (Title passed on March 30, 2019.) 4. All machines are sold subject to a five-year warranty. It is estimated that the expense ultimately to be incurred in connection with the warranty will amount to 0.5% of sales. The company has charged an expense account for actual warranty costs incurred. Sales per books and warranty costs were as follows: 5. A review of the corporate minutes reveals that the manager is entitled to a bonus of 0.5% of the income before deducting income tax and the bonus. The bonuses have never been recorded or paid. 6. Bad debts have been recorded on a direct write-off basis. Experience of similar enterprises indicates that losses will approximate 0.25% of sales. Bad debts written off and expensed were as follows: 7. The bank deducts 6% on all contracts that it finances. Of this amount, 0.5% is placed in a reserve to the credit of Inteq Corporation and is refunded to Inteq as financed contracts are paid in full. The reserve established by the bank has not been reflected in Inteq's books. On the books of the bank for each fiscal year, the excess of credits over debits (the net increase) to the reserve account for Inteq was as follows: 8. Commissions on sales have been entered when paid. Commissions payable on March 31 of each year were as follows: Instructions a. Present a schedule showing the revised income before income tax for each of the years ended March 31, 2018, 2019, and 2020. Make calculations to the nearest dollar. b. Prepare the journal entry or entries that you would give the bookkeeper to correct the books. Assume that the books have not yet been closed for the fiscal year ended March 31, 2020. Disregard corrections of income tax.
2. A relatively small number of machines have been shipped on consignment. These transactions were recorded as ordinary sales and billed in this way, with the gross profit on each sale recognized when the machine was shipped. On March 31 of each year, the amounts for machines billed and in the hands of consignees were as follows:
You have been asked by a client to review the records of Inteq Corporation, a small manufacturer of precision tools and machines that follows ASPE. Your client is interested in buying the business, and arrangements were made for you to review the accounting records. Your examination reveals the following. 1. Inteq Corporation started business on April 1, 2017, and has been reporting on a fiscal year ending March 31. The company has never been audited, but the annual statements prepared by the bookkeeper reflect the following income before closing and before deducting income tax: 2. A relatively small number of machines have been shipped on consignment. These transactions were recorded as ordinary sales and billed in this way, with the gross profit on each sale recognized when the machine was shipped. On March 31 of each year, the amounts for machines billed and in the hands of consignees were as follows: The sales price was determined by adding 30% to cost. Assume that the consigned machines are sold the following year. 3. On March 30, 2019, two machines were shipped to a customer on a C.O.D. basis. The sale was not entered until April 5, 2019, when $6,100 cash was received. The machines were not included in the inventory at March 31, 2019. (Title passed on March 30, 2019.) 4. All machines are sold subject to a five-year warranty. It is estimated that the expense ultimately to be incurred in connection with the warranty will amount to 0.5% of sales. The company has charged an expense account for actual warranty costs incurred. Sales per books and warranty costs were as follows: 5. A review of the corporate minutes reveals that the manager is entitled to a bonus of 0.5% of the income before deducting income tax and the bonus. The bonuses have never been recorded or paid. 6. Bad debts have been recorded on a direct write-off basis. Experience of similar enterprises indicates that losses will approximate 0.25% of sales. Bad debts written off and expensed were as follows: 7. The bank deducts 6% on all contracts that it finances. Of this amount, 0.5% is placed in a reserve to the credit of Inteq Corporation and is refunded to Inteq as financed contracts are paid in full. The reserve established by the bank has not been reflected in Inteq's books. On the books of the bank for each fiscal year, the excess of credits over debits (the net increase) to the reserve account for Inteq was as follows: 8. Commissions on sales have been entered when paid. Commissions payable on March 31 of each year were as follows: Instructions a. Present a schedule showing the revised income before income tax for each of the years ended March 31, 2018, 2019, and 2020. Make calculations to the nearest dollar. b. Prepare the journal entry or entries that you would give the bookkeeper to correct the books. Assume that the books have not yet been closed for the fiscal year ended March 31, 2020. Disregard corrections of income tax.
The sales price was determined by adding 30% to cost. Assume that the consigned machines are sold the following year. 3. On March 30, 2019, two machines were shipped to a customer on a C.O.D. basis. The sale was not entered until April 5, 2019, when $6,100 cash was received. The machines were not included in the inventory at March 31, 2019. (Title passed on March 30, 2019.) 4. All machines are sold subject to a five-year warranty. It is estimated that the expense ultimately to be incurred in connection with the warranty will amount to 0.5% of sales. The company has charged an expense account for actual warranty costs incurred. Sales per books and warranty costs were as follows:
You have been asked by a client to review the records of Inteq Corporation, a small manufacturer of precision tools and machines that follows ASPE. Your client is interested in buying the business, and arrangements were made for you to review the accounting records. Your examination reveals the following. 1. Inteq Corporation started business on April 1, 2017, and has been reporting on a fiscal year ending March 31. The company has never been audited, but the annual statements prepared by the bookkeeper reflect the following income before closing and before deducting income tax: 2. A relatively small number of machines have been shipped on consignment. These transactions were recorded as ordinary sales and billed in this way, with the gross profit on each sale recognized when the machine was shipped. On March 31 of each year, the amounts for machines billed and in the hands of consignees were as follows: The sales price was determined by adding 30% to cost. Assume that the consigned machines are sold the following year. 3. On March 30, 2019, two machines were shipped to a customer on a C.O.D. basis. The sale was not entered until April 5, 2019, when $6,100 cash was received. The machines were not included in the inventory at March 31, 2019. (Title passed on March 30, 2019.) 4. All machines are sold subject to a five-year warranty. It is estimated that the expense ultimately to be incurred in connection with the warranty will amount to 0.5% of sales. The company has charged an expense account for actual warranty costs incurred. Sales per books and warranty costs were as follows: 5. A review of the corporate minutes reveals that the manager is entitled to a bonus of 0.5% of the income before deducting income tax and the bonus. The bonuses have never been recorded or paid. 6. Bad debts have been recorded on a direct write-off basis. Experience of similar enterprises indicates that losses will approximate 0.25% of sales. Bad debts written off and expensed were as follows: 7. The bank deducts 6% on all contracts that it finances. Of this amount, 0.5% is placed in a reserve to the credit of Inteq Corporation and is refunded to Inteq as financed contracts are paid in full. The reserve established by the bank has not been reflected in Inteq's books. On the books of the bank for each fiscal year, the excess of credits over debits (the net increase) to the reserve account for Inteq was as follows: 8. Commissions on sales have been entered when paid. Commissions payable on March 31 of each year were as follows: Instructions a. Present a schedule showing the revised income before income tax for each of the years ended March 31, 2018, 2019, and 2020. Make calculations to the nearest dollar. b. Prepare the journal entry or entries that you would give the bookkeeper to correct the books. Assume that the books have not yet been closed for the fiscal year ended March 31, 2020. Disregard corrections of income tax.
5. A review of the corporate minutes reveals that the manager is entitled to a bonus of 0.5% of the income before deducting income tax and the bonus. The bonuses have never been recorded or paid. 6. Bad debts have been recorded on a direct write-off basis. Experience of similar enterprises indicates that losses will approximate 0.25% of sales. Bad debts written off and expensed were as follows:
You have been asked by a client to review the records of Inteq Corporation, a small manufacturer of precision tools and machines that follows ASPE. Your client is interested in buying the business, and arrangements were made for you to review the accounting records. Your examination reveals the following. 1. Inteq Corporation started business on April 1, 2017, and has been reporting on a fiscal year ending March 31. The company has never been audited, but the annual statements prepared by the bookkeeper reflect the following income before closing and before deducting income tax: 2. A relatively small number of machines have been shipped on consignment. These transactions were recorded as ordinary sales and billed in this way, with the gross profit on each sale recognized when the machine was shipped. On March 31 of each year, the amounts for machines billed and in the hands of consignees were as follows: The sales price was determined by adding 30% to cost. Assume that the consigned machines are sold the following year. 3. On March 30, 2019, two machines were shipped to a customer on a C.O.D. basis. The sale was not entered until April 5, 2019, when $6,100 cash was received. The machines were not included in the inventory at March 31, 2019. (Title passed on March 30, 2019.) 4. All machines are sold subject to a five-year warranty. It is estimated that the expense ultimately to be incurred in connection with the warranty will amount to 0.5% of sales. The company has charged an expense account for actual warranty costs incurred. Sales per books and warranty costs were as follows: 5. A review of the corporate minutes reveals that the manager is entitled to a bonus of 0.5% of the income before deducting income tax and the bonus. The bonuses have never been recorded or paid. 6. Bad debts have been recorded on a direct write-off basis. Experience of similar enterprises indicates that losses will approximate 0.25% of sales. Bad debts written off and expensed were as follows: 7. The bank deducts 6% on all contracts that it finances. Of this amount, 0.5% is placed in a reserve to the credit of Inteq Corporation and is refunded to Inteq as financed contracts are paid in full. The reserve established by the bank has not been reflected in Inteq's books. On the books of the bank for each fiscal year, the excess of credits over debits (the net increase) to the reserve account for Inteq was as follows: 8. Commissions on sales have been entered when paid. Commissions payable on March 31 of each year were as follows: Instructions a. Present a schedule showing the revised income before income tax for each of the years ended March 31, 2018, 2019, and 2020. Make calculations to the nearest dollar. b. Prepare the journal entry or entries that you would give the bookkeeper to correct the books. Assume that the books have not yet been closed for the fiscal year ended March 31, 2020. Disregard corrections of income tax.
7. The bank deducts 6% on all contracts that it finances. Of this amount, 0.5% is placed in a reserve to the credit of Inteq Corporation and is refunded to Inteq as financed contracts are paid in full. The reserve established by the bank has not been reflected in Inteq's books. On the books of the bank for each fiscal year, the excess of credits over debits (the net increase) to the reserve account for Inteq was as follows:
You have been asked by a client to review the records of Inteq Corporation, a small manufacturer of precision tools and machines that follows ASPE. Your client is interested in buying the business, and arrangements were made for you to review the accounting records. Your examination reveals the following. 1. Inteq Corporation started business on April 1, 2017, and has been reporting on a fiscal year ending March 31. The company has never been audited, but the annual statements prepared by the bookkeeper reflect the following income before closing and before deducting income tax: 2. A relatively small number of machines have been shipped on consignment. These transactions were recorded as ordinary sales and billed in this way, with the gross profit on each sale recognized when the machine was shipped. On March 31 of each year, the amounts for machines billed and in the hands of consignees were as follows: The sales price was determined by adding 30% to cost. Assume that the consigned machines are sold the following year. 3. On March 30, 2019, two machines were shipped to a customer on a C.O.D. basis. The sale was not entered until April 5, 2019, when $6,100 cash was received. The machines were not included in the inventory at March 31, 2019. (Title passed on March 30, 2019.) 4. All machines are sold subject to a five-year warranty. It is estimated that the expense ultimately to be incurred in connection with the warranty will amount to 0.5% of sales. The company has charged an expense account for actual warranty costs incurred. Sales per books and warranty costs were as follows: 5. A review of the corporate minutes reveals that the manager is entitled to a bonus of 0.5% of the income before deducting income tax and the bonus. The bonuses have never been recorded or paid. 6. Bad debts have been recorded on a direct write-off basis. Experience of similar enterprises indicates that losses will approximate 0.25% of sales. Bad debts written off and expensed were as follows: 7. The bank deducts 6% on all contracts that it finances. Of this amount, 0.5% is placed in a reserve to the credit of Inteq Corporation and is refunded to Inteq as financed contracts are paid in full. The reserve established by the bank has not been reflected in Inteq's books. On the books of the bank for each fiscal year, the excess of credits over debits (the net increase) to the reserve account for Inteq was as follows: 8. Commissions on sales have been entered when paid. Commissions payable on March 31 of each year were as follows: Instructions a. Present a schedule showing the revised income before income tax for each of the years ended March 31, 2018, 2019, and 2020. Make calculations to the nearest dollar. b. Prepare the journal entry or entries that you would give the bookkeeper to correct the books. Assume that the books have not yet been closed for the fiscal year ended March 31, 2020. Disregard corrections of income tax.
8. Commissions on sales have been entered when paid. Commissions payable on March 31 of each year were as follows:
You have been asked by a client to review the records of Inteq Corporation, a small manufacturer of precision tools and machines that follows ASPE. Your client is interested in buying the business, and arrangements were made for you to review the accounting records. Your examination reveals the following. 1. Inteq Corporation started business on April 1, 2017, and has been reporting on a fiscal year ending March 31. The company has never been audited, but the annual statements prepared by the bookkeeper reflect the following income before closing and before deducting income tax: 2. A relatively small number of machines have been shipped on consignment. These transactions were recorded as ordinary sales and billed in this way, with the gross profit on each sale recognized when the machine was shipped. On March 31 of each year, the amounts for machines billed and in the hands of consignees were as follows: The sales price was determined by adding 30% to cost. Assume that the consigned machines are sold the following year. 3. On March 30, 2019, two machines were shipped to a customer on a C.O.D. basis. The sale was not entered until April 5, 2019, when $6,100 cash was received. The machines were not included in the inventory at March 31, 2019. (Title passed on March 30, 2019.) 4. All machines are sold subject to a five-year warranty. It is estimated that the expense ultimately to be incurred in connection with the warranty will amount to 0.5% of sales. The company has charged an expense account for actual warranty costs incurred. Sales per books and warranty costs were as follows: 5. A review of the corporate minutes reveals that the manager is entitled to a bonus of 0.5% of the income before deducting income tax and the bonus. The bonuses have never been recorded or paid. 6. Bad debts have been recorded on a direct write-off basis. Experience of similar enterprises indicates that losses will approximate 0.25% of sales. Bad debts written off and expensed were as follows: 7. The bank deducts 6% on all contracts that it finances. Of this amount, 0.5% is placed in a reserve to the credit of Inteq Corporation and is refunded to Inteq as financed contracts are paid in full. The reserve established by the bank has not been reflected in Inteq's books. On the books of the bank for each fiscal year, the excess of credits over debits (the net increase) to the reserve account for Inteq was as follows: 8. Commissions on sales have been entered when paid. Commissions payable on March 31 of each year were as follows: Instructions a. Present a schedule showing the revised income before income tax for each of the years ended March 31, 2018, 2019, and 2020. Make calculations to the nearest dollar. b. Prepare the journal entry or entries that you would give the bookkeeper to correct the books. Assume that the books have not yet been closed for the fiscal year ended March 31, 2020. Disregard corrections of income tax.
Instructions a. Present a schedule showing the revised income before income tax for each of the years ended March 31, 2018, 2019, and 2020. Make calculations to the nearest dollar. b. Prepare the journal entry or entries that you would give the bookkeeper to correct the books. Assume that the books have not yet been closed for the fiscal year ended March 31, 2020. Disregard corrections of income tax.





Transcribed Image Text:

Year Ended March 31 Income Before Taxes $ 71,600 2018 2019 111,400 2020 103,580 2018 $6,500 2019 none 2020 5:590 Actual Warranty Costs Incurred for Sales Made in Year Ended March 31 Sales Total 2018 $ 940,000 2018 $760 $ 760 2019 1,010,000 2019 360 $1,310 1,670 2020 1,795,000 2020 320 1,620 $1,910 3,850 Bad Debts Incurred on Sales Made in Total 2018 $750 $ 750 2019 800 $ 520 1,320 2020 350 1,800 $1,700 3,850 2018 $ 3,000 2019 3.900 2020 5,100 $12,000 2018 $1,400 2019 800 2020 1,120

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> Radiohead Inc., a private company following ASPE, produces electronic components for sale to manufacturers of radios, television sets, and digital sound systems. In connection with her examination of Radiohead's financial statements for the year ended De

> Secord Limited has two classes of shares outstanding: preferred ($6 dividend) and common. At December 31, 2019, the following accounts and balances were included in shareholders' equity: The contributed surplus accounts arose from net excess of proceeds

> Your firm has been engaged to examine the financial statements of Samson Corporation for the year 2020. The bookkeeper who maintains the financial records has prepared all the unaudited financial statements for the corporation since its organization on J

> In an examination of Daniel Corporation Ltd. as at December 31, 2020, you have learned that the following situations exist. No entries have been made in the accounting records for these items. Daniel follows IFRS. 1. The corporation erected its present

> Jeopardy Inc.'s CFO has just left the office of the company president after a meeting about the draft SFP at April 30, 2020, and income statement for the year then ended. (Both are reproduced below.) “Our liquidity position looks health

> Griseta Limited sponsors a defined benefit pension plan for its employees, which it accounts for under ASPE. The following data relate to the operation of the plan for the year 2020: 1. The actuarial present value of future benefits earned by employees

> The following information is available for Antoine Corporation's pension plan for the 2020 fiscal year: On January 1, 2020, Antoine Corp. amended its pension plan, resulting in past service costs with a present value of $140,400. Antoine follows ASPE.

> The following information is available for Huntley Corporation's pension plan for the year 2020: Instructions a. Calculate pension expense for the year 2020, and provide the entries to recognize the pension expense and funding for the year, assuming t

> Refer to E18.7 for Sayaka Tar and Gravel Ltd., and assume the same facts as in E18.8 for the fiscal year ended December 31, 2021, except that the enacted tax rate for 2022 and subsequent years was reduced to 20% on September 15, 2021. Instructions a.

> Refer to E18.7 for Sayaka Tar and Gravel Ltd., and assume the same facts for the fiscal year ended December 31, 2020. For the second year of operations, Sayaka made progress on the construction of the road for the municipality. The account balances at De

> Sayaka Tar and Gravel Ltd. operates a road construction business. In its first year of operations, the company won a contract to build a road for the municipality of Cochrane West. It is estimated that the project will be completed over a three-year peri

> Esau Inc. presented the following data: As at January 1, 2020, there were no dividends in arrears. On December 31, 2020, Esau declared and paid the preferred dividend for 2020. Instructions a. Calculate earnings per share for the year ended December

> Perfect Ponds Inc. (PPI) is a backyard pond design and installation company. PPI was incorporated during 2020, with an unlimited number of common shares, and 50,000 preferred shares with a $3 dividend rate authorized. PPI follows ASPE. The following tran

> Allen Corporation reports the following amounts in its first three years of operations. The difference between taxable income and accounting income is due to one reversing difference. The tax rate is 30% for all years and the company expects to continue

> Koala Inc., a publicly traded company, had 210,000 common shares outstanding on December 31, 2019. During 2020, the company issued 8,000 shares on May 1 and retired 14,000 shares on October 31. For 2020, the company reported net income of $229,690 after

> Zak Corp. purchased depreciable assets costing $600,000 on January 2, 2020. For tax purposes, the company uses CCA in a class that has a 40% rate. Assume these assets are considered “eligible equipment” for purposes of the Accelerated Investment Incentiv

> Use the information for Jenny Corporation in E18.16. Assume that the company reports accounting income of $155,000 in each of 2021 and 2022, and that there is no reversing difference other than the one identified in E18.16. In addition, assume now that J

> Refer to the information for Henry Limited in BE18.11. Following the year ended December 31, 2020, Henry continued to actively trade its securities investments until the end of its 2021 fiscal year, when it was forced to sell several of them at a loss, b

> Use the information for Jenny Corporation in E18.16. Assume that the company reports accounting income of $155,000 in each of 2021 and 2022 and that the warranty expenditures occurred as expected. No reversing difference exists other than the one identif

> Jenny Corporation recorded warranty accruals as at December 31, 2020, in the amount of $150,000. This reversing difference will cause deductible amounts of $50,000 in 2021, $35,000 in 2022, and $65,000 in 2023. Jenny's accounting income for 2020 is $135,

> Use the information for Sorpon Corporation in E18.12. Assume that the company reports accounting income of $180,000 in each of 2021 and 2022, and that there are no reversing differences other than the one identified in E18.12. In addition, assume now tha

> Use the information for Sorpon Corporation in E18.12. Assume that the company reports accounting income of $180,000 in each of 2021 and 2022, and that there are no temporary differences other than the one identified in E18.12. Instructions a. Calculat

> On January 1, 2020, Draper Inc. issued $4 million of face value, five-year, 6% bonds at par. Each $1,000 bond is convertible into 20 common shares. Draper's net income in 2020 was $200,000, and its tax rate was 25%. The company had 100,000 common shares

> LEW Jewellery Corp. uses gold in the manufacture of its products. LEW anticipates that it will need to purchase 500 ounces of gold in October 2020 for jewellery that will be shipped for the holiday shopping season. However, if the price of gold increases

> Ottey Corporation issued $4 million of 10-year, 7% callable convertible subordinated debentures on January 2, 2020. The debentures have a face value of $1,000, with interest payable annually. The current conversion ratio is 14:1, and in two years it will

> Christina Inc. follows IFRS. Christina holds a variety of investments, some of which are accounted for at fair value through net income and some of which are accounted for at fair value through other comprehensive income. On January 1, 2020, the beginnin

> On January 1, 2020, Manfred Manufacturers had 300,000 common shares outstanding. On April 1, the corporation issued 30,000 new common shares to raise additional capital. On July 1, the corporation declared and distributed a 10% stock dividend on its comm

> In 2019, Capstone Ltd. issued $50,000 of 8% bonds at par, with each $1,000 bond being convertible into 100 common shares. The company had revenues of $75,000 and expenses of $40,000 for 2020, not including interest and tax. (Assume a tax rate of 25%.) Th

> At January 1, 2020, Ming Limited's outstanding shares included the following: Net income for 2020 was $2,130,000. No cash dividends were declared or paid during 2020. On February 15, 2021, however, all preferred dividends in arrears were paid, together

> A portion of the combined statement of income and retained earnings of Snap Ltd. for the current year ended December 31, 2020, follows: Note 1. During the year, Snap Inc. suffered a loss from discontinued operations of $400,000 after the applicable inco

> On January 1, 2020, Trigson Ltd. had 580,000 common shares outstanding. During 2020, it had the following transactions that affected the common share account: The company's year end is December 31. Instructions a. Determine the weighted average numbe

> On January 1, 2020, Logan Limited had shares outstanding as follows: To acquire the net assets of three smaller companies, the company authorized the issuance of an additional 330,000 common shares. The acquisitions were as follows: On May 14, 2020, Lo

> Mustafa Limited began operations on January 2, 2019. Mustafa employs nine individuals who work eight-hour days and are paid hourly. Each employee earns 10 paid vacation days and 6 paid sick days annually. Vacation days may be taken after January 15 of th

> The payroll of Sumerlus Corp. for September 2020 is as follows. Total payroll was $485,000. Pensionable (CPP) and insurable (EI) earnings were $365,000. Income taxes in the amount of $85,000 were withheld, as were $8,000 in union dues. The EI rate was 1.

> Vanstone Corp., a public company, adopted a stock option plan on November 30, 2020, that designated 70,000 common shares as available for the granting of options to officers of the corporation at an exercise price of $8 a share. The market value was $12

> Financial information for Cao Inc. follows. Instructions a. Calculate the following ratios or relationships of Cao Inc. Assume that the ending account balances are representative unless the information provided indicates differently. 1. Current ratio

> At December 31, 2020, Reddy Inc. has three long-term debt issues outstanding. The first is a $2.2-million note payable that matures on June 30, 2023. The second is a $4- million bond issue that matures on September 30, 2024. The third is a $17.5-million

> Kawani Corporation has been operating for several years. On December 31, 2020, it presented the following SFP. Cost of goods sold in 2020 was $420,000, operating expenses were $51,000, and net income was $27,000. Accounts payable suppliers provided oper

> The following are various accounts: 1. Bank loans payable of a winery, due March 10, 2024 (the product requires aging for five years before it can be sold) 2. $10 million of serial bonds payable, of which $2 million is due each July 31 3. Amounts with

2.99

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