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Social Distortion Co. (“the Company”) identified an error in its accounting records related to an insurance premium. On January 1, 2023, an insurance premium of $134,000 was prepaid to cover a five-year period, covering years 2023 through 2027. The entire amount was charged to expense in 2023 when paid. The error was not identified until the end of 2025 and no corrections have been made. What journal entry should the Company record to correct the accounts, assuming the books are still open for 2025? Ignore income tax considerations.

Coldplay, Inc. (“the Company”) is in the process of adjusting and correcting its books at the end of 2025. The Company failed to accrue interest expense at the end of each of the last two years, as follows: December 31, 2024 $ 12,000 December 31, 2025 7,000 What journal entry, if any, should the Company record to correct the accounts, assuming the books are still open for 2025? Ignore income tax considerations.

Section II: True/False (8 Points – 1 Point Each) Determine if each of the following statements are true or false. 

Van Halen Company reports the following pre-tax income (loss) for both book and tax purposes: Year Pre-Tax Income (Loss) Tax Rate 2024 ($ 43,000) 20% 2025 162,000 20% At the end of 2024, the Company expected to realize all the benefits associated with the loss carryforward. What amount of current and deferred income tax expense (benefit) will the Company report in 2025?

What are the pull factors for the increase of female labor force participation since 1950s? (select all that apply)

Which of the following are possible ways a mother’s labor force participation might affect her children, according to sociological research? (select all that apply)

What is the Pressure Altitude at KGFK (field elevation 845 MSL) if the METAR is: KGFK 301553Z 36014KT 10SM FEW150 BKN250 01/M07 A3008 RMK AO2 SLP196 T0011067 [BLANK-1]

Does the following factor raise or lower VMC?Feathered prop

Following an in-flight engine failure, your priorities should be

IMG_0087.jpeg The figure above is from the AFH. Match what happens first in areas identified as “A” and “B” if a multi-engine aircraft is flying OEI and fails to maintain a safe airspeed.