First and last I just took the test
        
                    
             
        
        
        
Answer:
190
$60
Explanation:
Equilibrium price is the price at which quantity demanded equals quantity supplied 
Equilibrium quantity is the quantity at which quantity demanded equals quantity supplied 
Let x = change in quantity supplied
the following equations can be derived from the question 
165 + 5x = total change in quantity supplied
240 - 10x = total change in quantity demanded
At equilibrium, quantity demanded equals quantity supplied. So, 
165 + 5x = 240 - 10x
collect like terms and solve for x 
15x = 75
x = 5
this means that quantity supplied would have to increase 5 times : 165 + 5(5) = 190
and quantity demanded would have to decrease 5 times : 240 + 10(5) = 190
equilibrium quantity is 190
equilibrium price = $55 + 1(5) = $60
 
        
             
        
        
        
Answer:
The Journal entry is as follows:
Bonds Payable A/c Dr. $640,000
Premium on Bonds Payable A/c Dr. $19,200
                To Gain on Redemption of Bonds            $25,600
                To Cash                                                       $633,600
(To record the re-acquisition of the bonds)
Working notes:
Cash = $640,000 × 0.99
          = $633,600
 
        
             
        
        
        
The transaction in this question involves two accounts: sales account and cash account. The transaction will be recorded as such:
Dr. Cash .......... 2,000,000
 Cr. Sales of tickets .......... 2,000,000
Ticket sales in cash