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What amount will be reported on cameron company

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Reference no: EM132604140

Question 1: Bonds reported at amortized cost are reported at

a. the price at which they were issued.

b. the face value.

c. the face value of the bond minus the unamortized premium or plus the unamortized premium.

d. the face value of the bond plus the unamortized premium or minus the unamortized discount.

Question 2: Financial statements are designed to provide information about all of the following EXCEPT

a. economic performance of the entity.

b. management performance evaluations.

c. changes in economic resources, obligations, and equity of the entity.

d. the economic resources, obligations, and equity of the entity.

Question 3: Cameron Company sells 2,000 units of its product for $500 each in 2021. The selling price includes a one-year warranty on parts. It is expected that 3% of the units will be defective and that repair costs will average $100 per unit. In 2021, warranty contracts are honoured on 40 units for a total cost of $4,000. What amount will be reported on Cameron Company's balance sheet as Estimated Warranty Liability on December 31, 2021?

a. $6,000

b. $2,000

c. $4,000

d. cannot be determined

Reference no: EM132604140

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