In a depth interview, the interviewer should ________

Milt's building which houses his retail sporting goods store is destroyed by a flood. Sandra's warehouse which she is leasing to Milt to store the inventory of his business also is destroyed in the same flood. Both Milt and Sandra receive insurance proceeds that result in a realized gain. Sandra will have less flexibility than Milt in the type of building in which she can invest the proceeds and

qualify for postponement treatment under § 1033 (nonrecognition of gain from an involuntary conversion). a. True b. False Indicate whether the statement is true or false

A company issued 8%, 15-year bonds with a par value of $550,000 that pay interest semiannually. The market rate on the date of issuance was 8%. The journal entry to record each semiannual interest payment is:

A) Debit Bond Interest Expense $22,000; credit Cash $22,000. B) Debit Bond Interest Expense $44,000; credit Cash $44,000. C) Debit Bond Interest Payable $22,000; credit Cash $22,000. D) Debit Bond Interest Expense $550,000; credit Cash $550,000. E) No entry is needed, since no interest is paid until the bond is due.