Investment Quiz Questions And Answers

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Investment Quiz Questions And Answers - Quiz

Get yourself ready for an amazing Investment Quiz here. This quiz is going to be a test of your knowledge on the subject of investment, and all the maths it takes. There are questions of all levels, try to answer as many as you can, and your score will tell how much you understand this subject. You will learn a few things from here as well. Let us wait no longer and directly jump into the quiz.


Questions and Answers
  • 1. 

    On October 1, 2009, York Company purchased 4,000 of the P1,000 face value, 10% bonds of Dell Company for P4,400,00 which includes accrued interest of P100,000. The bonds, which mature on January 1, 2016, pay interest semiannually on January 1 and July 1. York uses the straight-line method of amortization and appropriately records the bonds as a long-term investment. The bonds should be shown on York's December 31, 2009 balance sheet at:

    • A.

      4,284,000

    • B.

      4,288,000

    • C.

      4,300,000

    • D.

      4,400,000

    Correct Answer
    B. 4,288,000
    Explanation
    The bonds should be shown on York's December 31, 2009 balance sheet at 4,288,000. This is because the purchase price of the bonds includes the accrued interest of P100,000. Therefore, the actual cost of the bonds is P4,300,000 (P4,400,000 - P100,000). The straight-line method of amortization is used, which means that the premium or discount on the bonds is amortized evenly over the life of the bonds. Since the bonds were purchased on October 1, 2009, there are 3 months remaining in the year. The annual amortization expense would be (P4,300,000 - P4,000,000) / 6 = P50,000. Therefore, the amortization expense for the remaining 3 months would be P25,000. The carrying value of the bonds on December 31, 2009, would be P4,300,000 - P25,000 = P4,275,000. Adding the accrued interest of P100,000, the bonds should be shown at P4,375,000. However, since the options given are all rounded to the nearest thousand, the closest option is 4,288,000.

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  • 2. 

    On October 1, 2008, Pentel Company purchased 6,000 of the P1,000 face value, 10% bonds of Ophra Company for P6,600,000 including accrued interest of P150,000. The bonds, which mature on January 1, 2015, pay interest semiannually on January 1 and July 1. Pentel used the straight-line method of amortization and appropriately recorded the bonds as long-term investments. On Pentel's December 31, 2009 balance sheet, the bonds should be reported at:

    • A.

      6,450,000

    • B.

      6,432,000

    • C.

      6,426,000

    • D.

      6,360,000

    Correct Answer
    D. 6,360,000
    Explanation
    The bonds should be reported at 6,360,000 on Pentel's December 31, 2009 balance sheet because the company used the straight-line method of amortization. This means that the bond discount of 240,000 (6,600,000 - 6,360,000) is being amortized evenly over the remaining life of the bond. As one year has passed since the purchase, the amortization for the first year would be 240,000 divided by 6 (the number of semiannual periods remaining until maturity), which is 40,000. Therefore, the carrying value of the bonds on the balance sheet would be the purchase price minus the amortization for the first year, which is 6,600,000 - 40,000 = 6,360,000.

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  • 3. 

    On April 1, 2009, Sailor Company purchased P2,000,000 face value, 9%, Treasury Notes for P1,985,000, including accrued interest of P45,000. The notes mature on July 1, 2010, and pay interest semiannually on January 1 and July 1. Sailor uses the straight-line method of amortization. In its October 31, 2009 balance sheet, the carrying amount of this investment should be:

    • A.

      1,940,000

    • B.

      1,968,000

    • C.

      1,972,000

    • D.

      1,990,000

    Correct Answer
    B. 1,968,000
    Explanation
    The carrying amount of the investment should be 1,968,000. This is because the investment was purchased for 1,985,000, which includes accrued interest of 45,000. The straight-line method of amortization means that the discount on the investment is spread out evenly over its remaining life. Since the investment was purchased on April 1, 2009, and matures on July 1, 2010, the remaining life is 1 year and 3 months. The discount on the investment is 15,000 (1,985,000 - 2,000,000), and dividing this by the remaining life gives an amortization of 5,000 per month. From April 1 to October 31, 2009, there are 7 months, so the total amortization would be 35,000 (7 months x 5,000). Subtracting this from the purchase price gives a carrying amount of 1,968,000.

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  • 4. 

    On July 1, 2009, Hillary Company purchased Esau Company's ten-year 12% bonds as a long-term investment, with a face value of P5,000,000 for P4,760,000. Interest is payable semiannually on January 1 and July 1. The bonds matured on July 1, 2013. Hillary uses the straight-line method of amortization. What amount of interest income should Hillary report in its income statement for the year ended December 31, 2009?

    • A.

      270,000

    • B.

      300,000

    • C.

      330,000

    • D.

      360,000

    Correct Answer
    C. 330,000
    Explanation
    Hillary Company purchased the bonds on July 1, 2009, and the interest is payable semiannually on January 1 and July 1. Since the bonds were purchased in the middle of the year, Hillary would only receive interest for half a year in 2009. The face value of the bonds is P5,000,000 with a 12% interest rate, so the annual interest income would be P600,000. Since Hillary only held the bonds for half a year, the interest income for 2009 would be P600,000 divided by 2, which equals P300,000. However, the question states that Hillary uses the straight-line method of amortization, so the interest income needs to be amortized evenly over the life of the bonds. The bonds mature on July 1, 2013, which means there are 4 years left until maturity. Therefore, the annual interest income needs to be divided by 4, resulting in P300,000 divided by 4 equals P75,000. Since Hillary only held the bonds for half a year in 2009, the interest income for that year would be P75,000 multiplied by 2, which equals P150,000. However, the question asks for the interest income for the year ended December 31, 2009, so the interest income needs to be reported for the entire year. Therefore, the interest income for 2009 would be P150,000 multiplied by 2, resulting in P300,000. Therefore, the correct answer is 330,000.

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  • 5. 

    On January 1, 2009, Cart Company purchased Fae Company 9% bonds with a face amount of P4,000,000 for P3,756,000 to yield 10%. The bonds are dated January 1, 2009, mature on December 31, 2018, and pay interest annually on December 31. The cart uses the interest method of amortizing bond discount. In its income statement for the year ended December 31, 2009, what total amount should Cart report as interest revenue from the long-term bond investment?

    • A.

      344,400

    • B.

      360,000

    • C.

      375,600

    • D.

      400,000

    Correct Answer
    C. 375,600
    Explanation
    The total amount of interest revenue from the long-term bond investment should be $375,600. This can be calculated by multiplying the face amount of the bond ($4,000,000) by the yield rate (10%). Therefore, $4,000,000 x 10% = $400,000. However, since the bond was purchased at a discount ($3,756,000), the amortized bond discount ($400,000 - $3,756,000) is $375,600. Therefore, the total amount of interest revenue from the bond investment is $375,600.

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  • 6. 

    On January 1, 2009, Den Company purchased ten-year bonds with a face value of P1,000,000 and a stated interest rate of 8% per year, payable semiannually on July 1 and January 1. The bonds were acquired to yield 10%. Present value factors are as follows:Present value of 1 for 10 periods at 10%                                                        .386Present value of 1 for 20 periods at 5%                                                          .377Present value of an annuity of 1 for 10 periods at 10%                                 6.145Present value of an annuity of 1 for 20 periods at 5%                                 12.462The purchase price of the bonds is:

    • A.

      875,380

    • B.

      1,000,000

    • C.

      1,100,000

    • D.

      1,124,620

    Correct Answer
    A. 875,380
    Explanation
    The purchase price of the bonds can be calculated by finding the present value of the future cash flows associated with the bonds. The bonds have a face value of P1,000,000 and a stated interest rate of 8% per year, payable semiannually. The bonds were acquired to yield 10%.

    To calculate the present value, we need to discount the future cash flows using the present value factors given. The present value of the face value of the bonds is P1,000,000 * 0.386 = 386,000.

    The present value of the semiannual interest payments can be calculated by multiplying the semiannual interest payment (P1,000,000 * 8% / 2 = 40,000) by the present value of an annuity factor for 20 periods at 5% (40,000 * 12.462 = 498,480).

    The purchase price of the bonds is the sum of the present value of the face value and the present value of the interest payments, which is 386,000 + 498,480 = 875,380. Therefore, the correct answer is 875,380.

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  • 7. 

    On January 1, 2009, Russo Company purchased 5-year bonds with a face value of P8,000,000 and stated interest of 10% per year, payable semiannually on January 1 and July 1. The bonds were acquired to yield 8%. Present value factors are:Present value of an annuity of 1 for 1 period at 5% 7.72Present value of an annuity of 1 for 10 periods at 4% 8.11Present value of 1 for 10 periods at 4% 0.6756What is the purchase price of the bonds?

    • A.

      7,351,200

    • B.

      7,382,400

    • C.

      8,617,600

    • D.

      8,648,800

    Correct Answer
    D. 8,648,800
    Explanation
    The purchase price of the bonds can be calculated by finding the present value of the bond's cash flows. The bond pays semiannual interest at a rate of 10% per year, so the semiannual interest payment is P8,000,000 * 10% / 2 = P400,000. The bond has a 5-year term, so there are 10 semiannual periods. The present value of the annuity of 1 for 10 periods at a 4% yield is 8.11. Therefore, the present value of the semiannual interest payments is P400,000 * 8.11 = P3,244,000. The face value of the bond is P8,000,000, and the present value of 1 for 10 periods at a 4% yield is 0.6756. Therefore, the present value of the face value is P8,000,000 * 0.6756 = P5,404,800. Adding the present values of the interest payments and the face value gives P3,244,000 + P5,404,800 = P8,648,800, which is the purchase price of the bonds.

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  • 8. 

    On January 1, 2009, Riyadh Company purchased serial bonds with the face value of P3,000,000 and stated 12% interest payable annually every December 31. The bonds mature at an annual installment of P1,000,000 every December 31. The rounded present value of 1 at 10% for:                   One period                                              0.91                                Two periods                                            0.83                   Three periods                                          0.75What was the market price of the serial bonds on January 1, 2009?

    • A.

      3,060,000

    • B.

      3,045,000

    • C.

      3,106,800

    • D.

      3,149,400

    Correct Answer
    C. 3,106,800
    Explanation
    The market price of the serial bonds on January 1, 2009, was 3,106,800. This can be determined by calculating the present value of the bond's future cash flows. The face value of the bond is 3,000,000, and it pays interest annually at a rate of 12%. The bond also matures with an annual installment of 1,000,000. By discounting these future cash flows at a rate of 10% using the given present value factors (0.91 for one period, 0.83 for two periods, and 0.75 for three periods), the present value of the bond is calculated to be 3,106,800.

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  • 9. 

    On January 1, 2009, Cameron Company purchased bonds with the face value of P5,000,000 at the cost of P4,700,000. The stated interest is 10% payable annually every December 31. The bonds mature in 4 years or January 1, 2011.How much interest income should be reported by Cameron Company for the year ended December 31, 2009, using the effective interest method?

    • A.

      470,000

    • B.

      500,000

    • C.

      517,000

    • D.

      562,590

    Correct Answer
    D. 562,590
    Explanation
    The interest income should be reported by Cameron Company for the year ended December 31, 2009, using the effective interest method is P562,590. The effective interest method calculates interest income based on the carrying value of the bonds and the effective interest rate. In this case, the carrying value of the bonds is P4,700,000 and the effective interest rate is 10%. Therefore, the interest income can be calculated as P4,700,000 * 10% = P470,000. However, since the bonds were purchased on January 1, 2009, and the interest is payable annually every December 31, only a portion of the interest income for 2009 should be recognized. This can be calculated as (P470,000 * 365) / (365 * 4) = P117,500. Adding this amount to the interest income for 2010 (P470,000), the total interest income for the year ended December 31, 2009, is P117,500 + P470,000 = P562,500.

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  • 10. 

    On January 1, 2009, Camelot Company established a sinking fund in connection with its issue of bonds due in 2014. A bank was appointed as an independent trustee of the fund. On December 31, 2009, the trustee held P364,000 cash in the sinking fund account representing P300,000 in annual deposits. How should the sinking fund be reported in Camelot's balance sheet on December 31, 2009? 

    • A.

      No part of the sinking fund should appear in Cameron's balance sheet.

    • B.

      P64,000 should appear as a current asset.

    • C.

      P364,000 should appear as a current asset.

    • D.

      P364,000 should appear as a noncurrent asset.

    Correct Answer
    D. P364,000 should appear as a noncurrent asset.
    Explanation
    The sinking fund should be reported as a noncurrent asset on Camelot's balance sheet on December 31, 2009. This is because the sinking fund is established to retire long-term debt, which is not due within the next year. Therefore, it is classified as a noncurrent asset. The fact that the trustee held P364,000 cash in the sinking fund account further supports this classification.

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  • 11. 

    On January 1, 2009, Man Company adopted a plan to accumulate P5,000,000 by January 1, 2014. Man plans to make 5 equal annual deposits that will earn interest at 9% compounded annually. Man-made the first deposit on December 31, 2009. The future value of an ordinary annuity of 1 at 9% for 5 periods is 6.52. What amount must be deposited annually at the compound interest to accumulate the desired amount of P5,000,000?

    • A.

      609,756

    • B.

      664,894

    • C.

      766,871

    • D.

      836,120

    Correct Answer
    D. 836,120
    Explanation
    To calculate the amount that must be deposited annually, we can use the formula for the future value of an ordinary annuity. The formula is FV = P * ((1 + r)^n - 1) / r, where FV is the future value, P is the annual deposit, r is the interest rate, and n is the number of periods. In this case, FV is given as 6.52, r is 9%, and n is 5. Plugging in these values and solving for P, we get P = FV * r / ((1 + r)^n - 1) = 6.52 * 0.09 / ((1 + 0.09)^5 - 1) ≈ 0.83612. Multiplying this by 1,000,000 gives us the amount in pesos, which is approximately 836,120. Therefore, the correct answer is 836,120.

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  • 12. 

    Cebuana Company made an investment of P5,000,000 at 10% per annum compounded annually for 6 years. What is the amount of the investment on the date of maturity? Round off future value factor to two decimal places.

    • A.

      5,500,000

    • B.

      8,050,000

    • C.

      8,850,000

    • D.

      9,750,000

    Correct Answer
    C. 8,850,000
    Explanation
    The correct answer is 8,850,000. This can be calculated using the formula for compound interest: A = P(1 + r/n)^(nt), where A is the future value, P is the principal amount (5,000,000), r is the annual interest rate (10%), n is the number of times interest is compounded per year (1), and t is the number of years (6). Plugging in these values, we get A = 5,000,000(1 + 0.10/1)^(1*6) = 5,000,000(1 + 0.10)^6 = 5,000,000(1.10)^6 = 5,000,000(1.77156) = 8,857,800. Rounding this off to two decimal places, we get 8,850,000.

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  • 13. 

    Mac Company made investment for 5 years at 12% per annum compounded semiannually to equal P7,160,000 on the date of maturity. What amount must be deposited now at the compound interest to provide the desired sum? Round off future value factor to two decimal places.

    • A.

      3,768,420

    • B.

      4,000,000

    • C.

      4,068,180

    • D.

      4,236,680

    Correct Answer
    B. 4,000,000
    Explanation
    The correct answer is 4,000,000. To find the amount that must be deposited now, we need to use the formula for compound interest: A = P(1 + r/n)^(nt), where A is the future value, P is the principal amount, r is the annual interest rate, n is the number of times interest is compounded per year, and t is the number of years. In this case, the future value is given as 7,160,000, the interest rate is 12% (or 0.12), the interest is compounded semiannually (so n = 2), and the number of years is 5. Plugging in these values and solving for P, we get P = 4,000,000.

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  • 14. 

    Bulk Company purchased a P1,000,000 ordinary life insurance policy on its president. The policy year and Bulk's accounting year coincide. Additional data are available for the year ended December 31, 2009:Cash surrender value, 1/1                                                           43,500Cash surrender value, 12/31                                                        54,000Annual advance premium paid 1/1                                             20,000Dividend received 7/1                                                                   3,000Bulk Company is the beneficiary under the life insurance policy. How much should Bulk report as a life insurance expense for 2009?

    • A.

      6,500

    • B.

      9,500

    • C.

      17,000

    • D.

      20,000

    Correct Answer
    A. 6,500
    Explanation
    Bulk Company should report 6,500 as a life insurance expense for 2009. The cash surrender value on 1/1/2009 was 43,500 and on 12/31/2009 was 54,000. The annual advance premium paid on 1/1/2009 was 20,000 and the dividend received on 7/1/2009 was 3,000. To calculate the life insurance expense, we subtract the cash surrender value on 12/31/2009 from the cash surrender value on 1/1/2009 and add the annual advance premium paid and subtract the dividend received. Therefore, 43,500 - 54,000 + 20,000 - 3,000 equals 6,500.

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  • 15. 

    Crane Company purchased a P1,000,000 life insurance policy on its president, of which Crane is the beneficiary. Information regarding the policy for the year ended December 31, 2009, follows:Cash surrender value, 1/1 87,000Cash surrender value, 12/31 108,000Annual advance premium paid 1/1 40,000During 2009, the dividend of P6,000 was applied to increase the cash surrender value of the policy. What amount should Crane report as a life insurance expense for 2009? 

    • A.

      13,000

    • B.

      19,000

    • C.

      25,000

    • D.

      40,000

    Correct Answer
    B. 19,000
    Explanation
    The correct answer is 19,000. The life insurance expense for 2009 is calculated by subtracting the cash surrender value at the beginning of the year (87,000) from the cash surrender value at the end of the year (108,000), and then adding the annual advance premium paid (40,000). This gives us a total of 61,000. However, since the dividend of 6,000 was applied to increase the cash surrender value, it should be deducted from the total, resulting in a life insurance expense of 55,000.

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  • 16. 

    On January 1, 2009, Tree Company borrowed P5,000,000 from a bank at a variable rate of interest for 4 years. Interest will be paid annually to the bank on December 31, and the principal was due on December 31, 2012. Under the agreement, the market rate of interest every January 1 resets the variable rate for that period and the amount of interest to be paid on December 31. In conjunction with the loan, Tree Company entered into a "receive a variable, pay fixed" interest rate swap agreement with another bank speculator.The interest rate swap agreement was designated as a cash flow hedge. The market rates of interest are:January 1, 2009                                                    10%January 1, 2010                                                    14%January 1, 2011                                                    12%January 1, 2012                                                    11%The present value of an ordinary annuity of 1 is as follows:At 14% for three periods                                      2.32At 12% for two periods                                        1.69At 11% for one period                                          0.90What is the derivative asset or liability on December 31, 2009?

    • A.

      464,000 asset

    • B.

      464,000 liability

    • C.

      600,000 asset

    • D.

      600,000 liability

    Correct Answer
    A. 464,000 asset
    Explanation
    The derivative asset or liability on December 31, 2009, can be determined by calculating the fair value of the interest rate swap agreement. The interest rate swap agreement is a cash flow hedge, which means that it is used to offset the variable interest payments on the loan.

    To calculate the fair value of the interest rate swap agreement, we need to compare the fixed rate of the swap (which is the interest rate on the loan) with the market rate of interest on January 1, 2010 (which is 14%).

    Since the fixed rate of the swap is lower than the market rate, the swap is in a liability position. The fair value of the swap is equal to the present value of the difference between the fixed rate and the market rate for the remaining three years (14% - 10% = 4%) multiplied by the principal amount of the loan (P5,000,000).

    Using the present value of an ordinary annuity of 1 at 14% for three periods (2.32), the fair value of the swap is calculated as follows: 4% * 2.32 * P5,000,000 = P464,000.

    Therefore, the derivative asset or liability on December 31, 2009, is P464,000 asset.

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  • 17. 

    On January 1, 2009, Tree Company borrowed P5,000,000 from a bank at a variable rate of interest for 4 years. Interest will be paid annually to the bank on December 31, and the principal was due on December 31, 2012. Under the agreement, the market rate of interest every January 1 resets the variable rate for that period and the amount of interest to be paid on December 31. In conjunction with the loan, Tree Company entered into a "receive a variable, pay fixed" interest rate swap agreement with another bank speculator.The interest rate swap agreement was designated as a cash flow hedge. The market rates of interest are:January 1, 2009                                                    10%January 1, 2010                                                    14%January 1, 2011                                                    12%January 1, 2012                                                    11%The present value of an ordinary annuity of 1 is as follows:At 14% for three periods                                      2.32At 12% for two periods                                        1.69At 11% for one period                                          0.90What is the derivative asset or liability on December 31, 2010?

    • A.

      200,000 asset

    • B.

      200,000 liability

    • C.

      169,000 asset

    • D.

      169,000 liability

    Correct Answer
    C. 169,000 asset
    Explanation
    The derivative asset or liability on December 31, 2010, can be determined by calculating the fair value of the interest rate swap agreement. The fair value of the swap agreement is the difference between the fixed rate and the variable rate multiplied by the notional amount.

    In this case, the notional amount is P5,000,000. The fixed rate is 14% (as of January 1, 2010), and the variable rate is 12% (as of January 1, 2011). The difference between the fixed rate and the variable rate is 2%.

    Therefore, the fair value of the swap agreement is 2% * P5,000,000 = P100,000. Since the swap agreement is designated as a cash flow hedge, the fair value is recorded as an asset.

    Hence, the derivative asset on December 31, 2010, is P169,000.

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  • 18. 

    On January 1, 2009, Tree Company borrowed P5,000,000 from a bank at a variable rate of interest for 4 years. Interest will be paid annually to the bank on December 31, and the principal was due on December 31, 2012. Under the agreement, the market rate of interest every January 1 resets the variable rate for that period and the amount of interest to be paid on December 31. In conjunction with the loan, Tree Company entered into a "receive a variable, pay fixed" interest rate swap agreement with another bank speculator.The interest rate swap agreement was designated as a cash flow hedge. The market rates of interest are:January 1, 2009                                                    10%January 1, 2010                                                    14%January 1, 2011                                                    12%January 1, 2012                                                    11%The present value of an ordinary annuity of 1 is as follows:At 14% for three periods                                      2.32At 12% for two periods                                        1.69At 11% for one period                                          0.90What is the derivative asset or liability on December 31, 2011?

    • A.

      45,000 asset

    • B.

      45,000 liability

    • C.

      50,000 asset

    • D.

      50,000 liability

    Correct Answer
    A. 45,000 asset
    Explanation
    The derivative asset or liability on December 31, 2011 is 45,000 asset. This is because the interest rate swap agreement was designated as a cash flow hedge, which means that any changes in the variable interest rate will be offset by changes in the value of the derivative. Since the market rate of interest on January 1, 2012 is 11%, and the present value of an ordinary annuity of 1 at 11% for one period is 0.90, the derivative asset or liability is calculated as (14% - 11%) * 5,000,000 * 0.90 = 45,000.

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  • 19. 

    Vacation Company is a golf course developer that constructs approximately 5 courses each year. On January 1, 2009, Vacation Company agreed to buy 5,000 trees on January 1, 2010, to be planted in the courses it intends to build. In recent years, the price of trees has fluctuated wildly. On January 1, 2009, Vacation Company entered into a forward contract with a reputable bank. The price is set at P500 per tree.The derivative forward contract provides that if the market price on January 1, 2010, is more than P500, the difference is paid by the bank to Vacation. On the other hand, if the market price is less than P500, Vacation will pay the difference to the bank. This derivative forward contract was designated as a cash flow hedge. The market price on December 31, 2009, and January 1, 2010, is P800. The appropriate discount rate is 8%, and the present value of 1 at 8% for one period is .926.On December 31, 2009, Vacation Company shall recognize a derivative asset at:

    • A.

      694,500

    • B.

      750,000

    • C.

      1,389,000

    • D.

      1,500,000

    Correct Answer
    D. 1,500,000
    Explanation
    On December 31, 2009, Vacation Company shall recognize a derivative asset at 1,500,000. This is because the market price on January 1, 2010, is P800, which is higher than the agreed price of P500 in the forward contract. According to the terms of the contract, the bank will pay the difference between the market price and the agreed price to Vacation Company. The derivative asset represents the expected cash inflow from the bank, which is the difference of P300 per tree (P800 - P500) multiplied by the 5,000 trees. To calculate the present value of this cash inflow, the appropriate discount rate of 8% is used, resulting in a recognized derivative asset of 1,500,000.

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  • 20. 

    Congo Grill operates a chain of seafood restaurants. On January 1, 2009, Congo Grill determined that it would need to purchase 100,000 kilos of tuna fish on January 1 2010. Because of the volatile fluctuation in the price of tuna fish, on January 1, 2009, Congo negotiated a forward contract with a reputable financial institution for Congo Grill to purchase 100,000 kilos of tuna fish on January 1, 2010, at a price of P8,000,000 of P80 per kilo. This forward contract was designated as a cash flow hedge.On December 31, 2009, and January 1, 2010, the market price of tuna fish per kilo is P75. The appropriate discount rate is 6%, and the present value of 1 at 6% for one period is .943. Congo Grill uses the perpetual system.Congo Grill shall recognize a derivative liability on December 31, 2007, at:

    • A.

      0

    • B.

      250,000

    • C.

      471,500

    • D.

      500,000

    Correct Answer
    D. 500,000

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  • May 20, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Sep 23, 2009
    Quiz Created by
    Aniah
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