Question: 33 Chapter 1 | The FASB Codification: Introduction and Search Strategies Payable to Company Founder Jensen Inc. has a $500,000 note payable due to its

33

Chapter 1 | The FASB Codification: Introduction and Search Strategies

Payable to Company Founder Jensen Inc. has a $500,000 note payable due to its founder, Jen Jensen. Ms. Jensen

is recently deceased and has no heirs that Jensen Inc.'s executive team is aware of. The company has asked for your

help to determine whether it is appropriate to derecognize the liability from its financial statements.

Required:

1. Respond to Jensen Inc. Describe the applicable guidance requirements, including excerpts as needed to support

your response.

2. Next, explain how you located the relevant guidance, including the search method used and which section you

searched within the appropriate topic.

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