Smith Corporation is reviewing the following transactions for its year-ended December 31, 2015. For each item listed, indicate the: Name of the account to use. Whether it is current or long-term,...

Smith Corporation is reviewing the following transactions for its year-ended December 31, 2015.

For each item listed, indicate the:

1. Name of the account to use.


2. Whether it is current or long-term, asset or liability.


3. The amount.

1. On December 15, 2015 the company declared a $2.00 per share dividend on 40,000 shares of common stock outstanding, to be paid on January 5, 2013


2. Credit sales for year amounted to $10,000,000. Smith estimates its Allowance for Doubtful Accounts as 3% of credit sales.


3. At December 31, bonds payable of $100,000,000 are outstanding. The bonds pay 12% interest every September 30 and mature in installments of $25,000,000 every September 30.


4. Bonuses to key employees based on net income for 2015 are estimated to be $150,000.


5. Included in long-term investments are 10-year U.S. Treasury bonds that mature March 31, 2016. The bonds were purchased November 20, 2015.


6. The accounts receivable account includes $20,000 due in three years from employees.


7. The property, plant, and equipment account is stated at cost, except that it includes a parcel of land purchased for investment purposes at a cost of $40,000.  Because of rising land prices, the value of the land has  been written up to $60,000.  The company has an independent appraisal that attests to this amount


8. Curent liabilities include $50,000 for long-term debt that is due in three months.  The company has received a firm commitment to refinance the debt for five years and intends to do so.


9. Investments in marketable securities include $20,000 in short-term, high-grade commercial paper, which matures in 60 days.