B). creation of a liability only. C). disclosure in note form only. D). recognition of a loss and creation of a liability for the value of the land. Question 26 Roley Corporation uses a periodic inventory system and the gross met hod of accounting for purchase discounts. On July 1, Roley purchased $ 66,000 of inventory, terms 2 / 10, n / 30, FOB shipping point. Roley p aid freight costs of $ 1,210. On July 3, Roley returned damaged goods and received credit of $ 6,600. On July 10, Roley paid for the goods. P repare all necessary journal entries for Roley. Question 27 Takemoto Corporation borrowed $ 93,000 on November 1, 2012, by si gning a $ 95,093, 3-month, zero-interestbearing note. Prepare Takemoto’ s November 1, 2012, entry; the Dece mber 31, 2012, annual adjusting entry; and the February 1, 2013, entr y.( For multiple debit / credit en tries, list amounts from largest to small est, e. g. 10, 8, 6. Round all answers to 0 decimal places, e. g. 11,150.) Question 28 Whiteside Corporation issues $ 629,000 of 9 % bonds, due in 14 years, with interest payable semiannually. At the time of issue, the annual m arket rate for such bonds is 10 %. Compute the issue price of the bond s.( Use the present value tables in the text. Question 29 Indiana Jones Company enters into a 6- year lease of equipment on January 1, 2012, which requires 6 annual payments of $ 37,560 each, beginning January 1, 2012. In addition, the lessee guarantees a residual value of $ 20,870 at leaseend. The equipment has a useful life of 6 years. Assume that for Lost Ark Company, the lessor, collectibility is reasonably predictable, ther e are no important uncertainties concerning costs, and the carrying am ount of the machinery is $ 191,722. Prepare Lost Ark’ s January 1, 201 2, journal entries. Question 30 On January 1, 2012, Irwin Animation sold a truck to Peete Finance fo r $ 26,050 and immediately leased it back. The truck was carried on Ir win’ s books at $ 20,800. The term of the lease is 5 years, and title tran