YELLOW Corporation's liabilities at December 31, 2008 were as follows: Accounts payable and accrued interest 2,000,000;...

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YELLOW Corporation's liabilities at December 31, 2008 were as follows: Accounts payable and accrued interest 2,000,000; 5-year 10% Notes payable - due December 31, 2011 5,000,000; Part of the loan agreement is for YELLOW to appropriate a fixed amount out of its accumulated profits and losses annually until the amount of appropriation has equaled the face amount of the obligation. Non-compliance will render the note as payable on demand by the lender. As of December 31, 2008, YELLOW Corporation has not yet complied with the loan agreement. What amount of current liabilities should YELLOW Corporation report in its December 31, 2008 statement of financial position? Your answer ORANGGE Co. sells gift certificates as part of its sales promotion. During the year, ORANGGE Co. sells gift certificates worth $500,000, of which $360,000 were redeemed. Based on ORANGGE Co.'s past experience, 10% of gift certificates sold are never redeemed. Under PFRS 15, what amount of LIABILITY should be reported in ORANGGE Co.'s 20x1 financial statements? Your answer YELLOW Corporation's liabilities at December 31, 2008 were as follows: Accounts payable and accrued interest 2,000,000; 5-year 10% Notes payable - due December 31, 2011 5,000,000; Part of the loan agreement is for YELLOW to appropriate a fixed amount out of its accumulated profits and losses annually until the amount of appropriation has equaled the face amount of the obligation. Non-compliance will render the note as payable on demand by the lender. As of December 31, 2008, YELLOW Corporation has not yet complied with the loan agreement. What amount of current liabilities should YELLOW Corporation report in its December 31, 2008 statement of financial position? Your answer ORANGGE Co. sells gift certificates as part of its sales promotion. During the year, ORANGGE Co. sells gift certificates worth $500,000, of which $360,000 were redeemed. Based on ORANGGE Co.'s past experience, 10% of gift certificates sold are never redeemed. Under PFRS 15, what amount of LIABILITY should be reported in ORANGGE Co.'s 20x1 financial statements? Your answer

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