INTERMEDIATE FINANCIAL REPORTING $1$

UNIT $4-$ TASK$-$BASED SIMULATION #$1$

Simulation $(20$ minutes$)$

Kids Reads Inc. $($KRI$)$ is a book retailer that specializes in children's books and follows ASPE for reporting purposes. KRI also prints and produces several children's books. During the past four months, there have been some out$-$of$-$the$-$ordinary transactions that have yet to be recorded. Jacqueline Lawrence, CPA, has recently been hired to help in the accounting department to assist Dianne Salzburg, the CFO.

The following information has been gathered:

Appendix I: Email from Dianne Salzburg

Appendix II: Copy of extract from appraisal report from Phillips Appraisal Corporation

Appendix III: Extract from the board of directors' meeting on April $3,$ Year $1$

Complete the tasks in the Excel Task file.