A company using the perpetual inventory system paid cash for a transportation-in cost. Which of the following choices reflects the effects of this event on the financial statements? 
Definitions:
Market Rate
The current price or rate at which goods, services, or securities are traded in the open market.
Discount on Bonds Payable
The difference between a bond's face value and its selling price when it is sold for less than its face value.
Contra Liability
An account that offsets a liability account on a company's balance sheet, such as discounts on bonds payable, which reduce the total amount of bonds payable.
Liability
An obligation of an entity arising from past transactions or events, the settlement of which may result in the transfer or use of assets, provision of services, or other yielding of economic benefits in the future.
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