The fiscal year-end for the Northwest Distribution Corporation is December 31. The company's 2011 financial statements were
Question:
1. On January 22, 2012, the company negotiated a major merger with Blandon Industries. The merger will be completed by the middle of 2012.
2. On February 3, 2012, Northwest negotiated a $10 million long-term note with the Credit Bank of Ohio. The amount of the note is material.
3. On February 25, 2012, a flood destroyed one of the company's manufacturing plants causing $600,000 of uninsured damage.
Required:
Determine the appropriate treatment of each of these events in the 2011 financial statements of Northwest Distribution Corporation.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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Related Book For 
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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