Which of the following are true statements about t-bills?
i. t-bills typically sell in denominations of $10,000
ii. income earned on t-bills is exempt from all federal taxes
iii. income earned on t-bills is exempt from state and local taxes
a. i only
b. i and ii only
c. i and iii only
d. i, ii and iii

In its first year of operations, crane company recognized $31,700 in service revenue, $7,700 of which was on account and still outstanding at year-end. the remaining $24,000 was received in cash from customers. the company incurred operating expenses of $16,600. of these expenses, $12,690 were paid in cash; $3,910 was still owed on account at year-end. in addition, crane prepaid $3,260 for insurance coverage that would not be used until the second year of operations.

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An electronics store is running a promotion where for every video game purchased, the customer receives a coupon upon checkout to purchase a second game at a 50% discount. the coupons expire in one year. the store normally recognized a gross profit margin of 40% of the selling price on video games. how would the store account for a purchase using the discount coupon?