The original issue discount (OID) rules apply to all debt instruments with OID, except:
A. U.S. savings bonds.
B. Tax-exempt debt.
C. Non-business loans of $10,000 or less between natural persons.
D. All of these.
Answer: D
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Indicate whether the statement is true or false
During Year 1, its first year of operations, Benitez Co. reported sales of $600,000. At the end of Year 1, the company estimated its warranty obligation at 3% of sales. During Year 1, the company paid $15,700 cash to settle warranty claims. Which of the following statements is true?
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