Variable interest entities (VIEs) is a very complex topic and continues to be high on the agendas of the accounting standard-setting communities around the world. Part of the recent global credit crisis, as well as the fall of Enron, was a result of the use and non-consolidation of variable interest entities.
Answer to relevant QuestionsInstructions Gain access to the 20 II financial statements of Potash Corporation of Saskatchewan from the company's website (www.potashcorp.com) or www.sedar.com. (a) Based on the information contained in these financial ...In early January, Swanton Corp. purchased a building to house its manufacturing operations in Moose Jaw for $470,000. The company agreed to lease the land that the building stood on for $14,000 per year from the industrial ...Playtime Corporation purchased a new piece of equipment for production of a new children's toy. According to market research tests, the toy is expected to be very popular among preschool-aged children. The equipment consists ...6 Chavez Corporation purchased a truck by issuing an $80,000, four-year, non- interest-bearing note to Equinox Inc. The market interest rate for obligations of this nature is 12%. Prepare the journal entry to record the ...Native Inc. decided to purchase equipment from Central Ontario Industries on January 2, 2014, to expand its production capacity to meet customers' demand for its product. Native issued a $900,000, five-year, non- ...
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