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intermediate accounting ifrs 4th edition

Questions and Answers of Intermediate Accounting IFRS 4th Edition

Kennedy Company had a defined benefit obligation of $6,300,000 and plan assets of $4,900,000 at January 1, 2022. Kennedy has the following data related to the plan during 2022.Discount (interest)
Hanson Ltd. sponsors a defined benefit pension plan for its employees. On January 1, 2022, the following balances related to this plan.As a result of the operation of the plan during 2022, the
Hemera SA had a defined benefit obligation of R$3,100,000 and plan assets of R$2,900,000 at January 1, 2022. Hemera’s discount rate is 6%. In 2022, actual return on plan assets is R$160,000. Hemera
Taveras Enterprises provides the following information related to its defined benefit pension plan. Balances or Values at December 31,
Lemke SA sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the years 2022 and 2023.Instructionsa. Prepare a pension worksheet for
Tevez AG experienced an actuarial loss of €750 in its defined benefit plan in 2022. For 2022, Tevez’s revenues are €125,000, and expenses (excluding pension expense of €14,000) are €85,000.
Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2022, the following balances relate to this plan.Plan assets .........................................
Hobbs AG has the following defined benefit pension plan balances on January 1, 2022.Defined benefit obligation ................ €4,600,000Fair value of plan assets ......................
At December 31, 2022, Conway SA had a defined benefit obligation of €510,000 and plan assets of €322,000. Prepare a pension reconciliation schedule for Conway.
Henning plc sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2022.1. The actuarial present value of future benefits
Kramer Co. has prepared the following pension worksheet (amounts in $). Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in completing both
Caleb Corporation has the following information available concerning its postretirement medical benefit plan for 2022.Service cost ................................... $40,000Interest expense
Ferreri SpA received the following selected information from its pension plan trustee concerning the operation of the company’s defined benefit pension plan for the year ended December 31, 2022.The
The following data relate to the operation of Kramer Co.’s pension plan in 2023. The pension worksheet for 2022 is provided in P20.10.Service cost .......................................
Chen Group sponsors a defined benefit pension plan for its employees. On January 1, 2022, the following balances related to this plan (amounts in thousands).As a result of the operation of the plan
Benjamin plc computed its annual postretirement expense as £240,900. Benjamin’s contribution to the plan during 2022 was £160,000. Prepare Benjamin’s 2022 entry to record postretirement expense.
Using the information in E20.12 about Erickson plc’s defined benefit pension plan, prepare a 2022 pension worksheet with supplementary schedules of computations. Prepare the journal entries at
Erickson plc sponsors a defined benefit pension plan. The company’s actuary provides the following information about the plan.Instructionsa. Compute the actual return on the plan assets in 2022.b.
Hollenbeck Foods Inc. sponsors a postretirement medical and dental benefit plan for its employees. The following balances relate to this plan on January 1, 2022.Plan assets
Elton AG has the following postretirement benefit plan balances on January 1, 2022.Defined postretirement benefit obligation ........... €2,250,000Fair value of plan assets
Latoya Company provides the following selected information related to its defined benefit pension plan for 2022.Instructionsa. Compute pension expense and prepare the journal entry to record pension
Kreter Concepts provides the following information about its postretirement benefit plan for the year 2022.Service cost ...................................................................
What is a pension plan curtailment? Explain the accounting for pension plan curtailments.
Using the information in E20.16, prepare a worksheet inserting January 1, 2022, balances, and showing December 31, 2022, balances. Prepare the journal entry recording postretirement benefit
Garner Inc. provides the following information related to its postretirement benefits for the year 2022.Defined postretirement benefit obligation at January 1, 2022 ............... $710,000Actual
Englehart AG provides the following information about its postretirement benefit plan for the year 2022.InstructionsCompute the postretirement benefit expense for 2022. Service cost € 90,000
Using the information in E20.19, prepare a worksheet inserting the January 1, 2022, and December 31, 2022, balances, and the journal entry recording postretirement benefit expense.E20.19Englehart AG
The accounting staff of Holder Inc. has prepared the following postretirement benefit worksheet (amounts in €). Unfortunately, several entries in the worksheet are not decipherable. The company has
DU Journeys enters into an agreement with Traveler plc to lease a car on December 31, 2021. The following information relates to this agreement.1. The term of the non-cancelable lease is 3 years with
The following facts pertain to a noncancelable lease agreement between Faldo Leasing and Vance plc, a lessee.Commencement date
On January 1, 2022, Evans Company entered into a non-cancelable lease for a machine to be used in its manufacturing operations. The lease transfers control of the machine to Evans by the end of the
The financial statements of M&S (GBR) are presented in Appendix A. The company’s complete annual report, including the notes to the financial statements, is available online.InstructionsRefer
Presented in Illustration 21.39 are the financial statement disclosures from the 2018 annual report of Air France (FRA).InstructionsAnswer the following questions related to these disclosures.a. What
On December 31, 2021, Burke Corporation signed a 5-year, non-cancelable lease for a machine. The terms of the lease called for Burke to make annual payments of $8,668 at the beginning of each year,
On January 1, 2022, Cage Company contracts to lease equipment for 5 years, agreeing to make a payment of $120,987 at the beginning of each year, starting January 1, 2022. The leased equipment is to
Ludwick Steel SA, as lessee, signed a lease agreement for equipment for 5 years, beginning December 31, 2022. Annual rental payments of €40,000 are to be made at the beginning of each lease year
Waterworld Company leased equipment from Costner Company, beginning on December 31, 2021. The lease term is 4 years and requires equal rental payments of $41,933 at the beginning of each year of the
Assume that on December 31, 2021, Stora Enso (FIN) signs a 10-year, non-cancelable lease agreement to lease a storage building from Sheffield Storage. The following information pertains to this lease
Rick Kleckner NV recorded a right-of-use asset for €300,000 as a result of a lease on December 31, 2021. Kleckner’s incremental borrowing rate is 8%, and the implicit rate of the lessor was not
Shapiro Inc. began operations in 2021 as a computer software service firm, with an accounting fiscal year ending August 31. Shapiro’s primary product is a sophisticated online inventory-control
Morgan Leasing Group signs an agreement on January 1, 2022, to lease equipment to Cole plc. The following information relates to this agreement.1. The term of the non-cancelable lease is 6 years with
In 2021, Grishell Trucking negotiated and closed a long-term lease contract for newly constructed truck terminals and freight storage facilities. The buildings were erected to the company’s
You are auditing the December 31, 2022, financial statements of Hockney plc, manufacturer of novelties and party favors. During your inspection of the company garage, you discovered that a used
Debbink plc leased machinery from Young Ltd. on January 1, 2022. The lease term was for 8 years, with equal annual rental payments of £5,300 at the beginning of each year. In addition, the lease
Castle Leasing Company signs a lease agreement on January 1, 2022, to lease electronic equipment to Jan Way Company. The term of the non-cancelable lease is 2 years, and payments are required at the
Glaus Leasing AG agrees to lease equipment to Jensen Furniture on January 1, 2022. The following information relates to the lease agreement.1. The term of the lease is 7 years with no renewal option,
On January 1, 2022, Perriman Company transferred equipment for cash and leased it back. As seller-lessee, Perriman retained the right to substantially all of the remaining use of the equipment. The
Cardinal Ltd. is negotiating to lease a piece of equipment to MTBA plc. MTBA requests that the lease be for 9 years. The equipment has a useful life of 10 years. Cardinal wants a guarantee that the
Macinski Leasing leases a new machine to Sharrer SA. The machine has a cost of €70,000 and fair value of €95,000. Under the 3-year, non-cancelable contract, Sharrer will receive title to the
Crosley Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2022. The lease is for an 8-year period and requires equal annual payments of $35,004 at the beginning of
Assume that IBM (USA) leased equipment that was carried at a cost of £120,000 to Swander plc. The term of the lease is 6 years beginning December 31, 2021, with equal rental payments of £30,044
Use the information for Crosley Company in E21.8. Assume that Dexter Corporation does not know the rate implicit in the lease used by Crosley, and Dexter’s incremental borrowing rate is 8%. In
Use the information for IBM (USA) from BE21.9. Assume the sales-type lease was recorded at a present value of £150,001. Prepare IBM’s December 31, 2022, entry to record the lease transaction with
The following facts pertain to a non-cancelable lease agreement between Mooney Leasing and Choi Group, a lessee (amounts in thousands).Commencement date
Geiberger AG manufactures drones. On December 31, 2021, it leased to Althaus SA a drone that had cost €120,000 to manufacture. The lease agreement covers the 5-year useful life of the drone and
A lease agreement between Mooney Leasing and Choi Group is described in E21.10.InstructionsRefer to the data in E21.10 and do the following for the lessor. (Round all numbers to the nearest yen).a.
Goring Dairy leases its milking equipment from King Finance Company under the following lease terms.1. The lease term is 10 years, non-cancelable, and requires equal rental payments of $30,300 due at
Use the information for Geiberger AG from BE21.11, except assume the collectibility of the rentals is not probable. Prepare any journal entries for Geiberger on December 31, 2021.BE21.11Geiberger AG
On January 1, 2022, Bensen Company leased equipment to Flynn Corporation. The following information pertains to this lease.1. The term of the non-cancelable lease is 6 years. At the end of the lease
Winston Industries and Ewing SA enter into an agreement that requires Ewing to build three dieselelectric engines to Winston’s specifications. Upon completion of the engines, Winston has agreed to
Kubby NV specializes in leasing large storage units to other businesses. Kubby entered a contract to lease a storage unit to Riskey Ltd. for 4 years when that particular storage unit had a remaining
Phelps plc leases a building to Walsh Ltd. on January 1, 2022. The following facts pertain to the lease agreement.1. The lease term is 5 years, with equal annual rental payments of £4,703 at the
The following facts pertain to a noncancelable lease agreement between Alschuler Leasing and McKee Electronics, a lessee, for a computer system.Commencement date
Kingston plc leases equipment from Falls Ltd. on January 1, 2022. The lease agreement does not transfer ownership or contain a bargain purchase option, and it is not a specialized asset. It covers 3
Lewis Machinery Works entered into a lease agreement on January 1, 2022, to provide Garcia SA with a piece of machinery. The terms of the lease agreement were as follows.1. The lease is to be for 3
Describe the effect on the lessee of a “bargain purchase option” in accounting for a finance lease transaction.
Use the information for Kingston plc from BE21.14. Prepare all the necessary journal entries for Falls Ltd. (the lessor) for 2022, assuming the equipment is carried at a cost of
Laura Leasing SA signs an agreement on January 1, 2022, to lease equipment to Plote AG. The following information relates to this agreement.1. The term of the non-cancelable lease is 3 years with no
Cleveland Group leased a new crane to Abriendo Construction under a 5-year, non-cancelable contract starting January 1, 2022. Terms of the lease require payments of R$48,555 each January 1, starting
Rodgers Corporation agrees on January 1, 2022, to lease equipment from Packers, Inc. for 3 years. The lease calls for annual lease payments of $12,000 at the beginning of each year. The lease does
Rauch AG leases a piece of equipment to Donahue SA on January 1, 2022. The lease agreement called for annual rental payments of €4,892 at the beginning of each year of the 4- year lease. The
Use the information for Rodgers Corporation and Packers, Inc. from BE21.16. Assume that for Packers, Inc., the lessor, the collectibility of the lease payments is probable, and the fair value and
Use the information for Rauch AG and Donahue SA from E21.16.Instructionsa. Explain how Rauch arrived at the amount of the rental payments used in the lease agreement, and show calculations.b. Prepare
On December 31, 2021, Escapee plc leased machinery from Terminator Group for an agreed-upon lease term of 3 years. Escapee agreed to make annual lease payments of £17,000, beginning on December 31,
Assume that on January 1, 2022, Humphrey’s Restaurants NV sells a computer system to Liquidity Finance for €680,000 and immediately leases back the computer system. The relevant information is as
Use the information for Escapee plc from BE21.18. Assume the same facts, except Escapee guarantees a residual value of £9,000 at the end of the lease term, which equals the expected residual value
Respond to the requirements in each situation.Instructionsa. On January 1, 2022, Zarle Inc. sold computer equipment to Daniell Co. The sales price of the equipment was $520,000 and its carrying
Indiana Jones NV enters into a 6-year lease of equipment on December 31, 2021, which requires 6 annual payments of €40,000 each, beginning December 31, 2021. In addition, Indiana Jones guarantees
Use the information for Indiana Jones NV from BE21.20. Assume that for Lost Ark AG, the lessor, collectibility of lease payments is probable and the carrying amount of the equipment is €180,000.
Bucky Corporation entered into a lease agreement to lease equipment from Badger, Inc. on January 1, 2022. The lease calls for annual lease payments of $30,000, beginning on January 1, for each of the
Homestead AG entered into a lease to lease equipment from Highlander SA on January 1, 2022. The lease calls for annual lease payments of €10,000, beginning on December 31, for each of the 5 years
Brent SA owns equipment that cost €80,000 and has a useful life of 8 years with no residual value. On January 1, 2022, Brent leases the equipment to Havaci ASA for 1 year for one rental payment of
On January 1, 2022, Irwin Animation sold a truck to Peete Finance for €35,000 and immediately leased it back. The truck was carried on Irwin’s books at €28,000. The term of the lease is 3
Assume the same facts as BE21.26, except the lease term is now 5 years and the 5 annual rental payments are €8,309, with no expected residual value at the end of the lease term. Prepare Irwin’s
What is the nature of a “sale-leaseback” transaction?
Wertz Construction decided at the beginning of 2022 to change from the costrecovery method to the percentage-of-completion method for financial reporting purposes. The company will continue to use
Cherokee Construction Company changed from the cost-recovery to the percentage-of-completion method of accounting for long-term construction contracts during 2022. For tax purposes, the company
Holtzman Company is in the process of preparing its financial statements for 2022. Assume that no entries for depreciation have been recorded in 2022. The following information related to
Joblonsky Jewelry has recently hired a new independent auditor, Karen Ogleby, who says she wants “to get everything straightened out.” Consequently, she has proposed the following accounting
The financial statements of M&S (GBR) are presented in Appendix A. The complete annual report, including the notes to the financial statements, is available online.InstructionsRefer to
As part of the year-end accounting process and review of operating policies, Cullen Group is considering changing from the straight-line method to an accelerated method when accounting for its
Refer to the accounting change by Wertz Construction in BE22.1. Wertz has a profit sharing plan, which pays all employees a bonus at year-end based on 1% of pretax income. Compute the indirect effect
Whitman SA began operations on January 1, 2019, and uses the average-cost method of pricing inventory. Management is contemplating a change in inventory methods for 2022. The following information is
Botticelli SpA was organized in late 2019 to manufacture and sell hosiery. At the end of its fourth year of operation, the company has been fairly successful, as indicated by the following reported
Shannon AG, changed from the average-cost to the FIFO cost flow assumption in 2022. The increase in the prior year’s income before taxes is €1,200,000. The tax rate is 40%. Prepare Shannon’s
Ramirez Co. decides at the beginning of 2022 to adopt the FIFO method of inventory valuation. Ramirez has used the average-cost method for financial reporting since its inception on January 1, 2020,
Chen Group is in the process of adjusting and correcting its books at the end of 2022. In reviewing its records, the following information is compiled.1. Chen has failed to accrue sales commissions
The following are three independent, unrelated sets of facts relating to accounting changes. Situation 1: Sanford Company is in the process of having its first audit. The company has used the
Tedesco Company changed depreciation methods in 2022 from doubledeclining balance to straight-line. Depreciation prior to 2022 under double-declining-balance was $90,000, whereas straight-line
Linden plc started operations on January 1, 2017, and has used the FIFO method of inventory valuation since its inception. In 2022, it decides to switch to the average-cost method. You are provided

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