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1. Jacob Company settled a lawsuit in February for an amount that was significantly different from the amount that was originally accrued as an estimate of potential loss. The company’s year-end is December 31 and its financial statements are issued in March. This is an example of: a. A subsequent event that must be disclosed, but because it happened after the balance sheet date no adjustment is needed.b. A subsequent event that provided evidence of a condition that did not exist at the balance sheet date .c. A subsequent event that need not be disclosed because it did not occur before the company’s yearend.d. A subsequent event that provided further evidence of conditions that existed on the balance sheet.2-Who would be considered subject to a black out period as defined by the SEC? a. Vice Presidents and key employees of a company’s whose stock is publicly traded b. Stock Analystc.Pension Plan Administratorsd. All the above3-The Securities and Exchange Commission’s fraud rule prohibits trading on the basis of inside information of a business corporation’s stock bya. Officersb. Officers and directorsc. All officers, directors, and stockholdersd. Officers, directors, and beneficial holders of 10 percent of the corporation’s stock6. Niagara Corp. is evaluating a contract to determine proper revenue recognition. The contract is for construction of 10 yachts for a total price of $20,000,000. The customer needs the boats in its showrooms by March 1, 2020, for the yacht purchase season; the customer will provide a bonus payment of $200,000 if all yachts are delivered by the March 1 deadline. The bonus is reduced by $50,000 each week that the boats are delivered after the deadline until no bonus is paid if the boats are delivered after March 22, 2020. Niagara frequently includes such bonus terms in it contracts and thus has good historical data for estimating the probabilities of completion at different dates. It estimates an equal probability (25%) for each full delivery outcome. Please calculate the amount of revenue Niagara should recognize as a result of this transaction price under FASB ASC 606.On March 2nd, Year 4, Highman discovered that it had incorrectly expensed a $250,000 machine purchased on January 2, Year 1. Highman estimated the machine’s original useful life to be 10 years and its salvage value is $10,000. Highman uses the straight-line method of depreciation and is subject to 30% tax rate. In its December 31 Year 4 financial statements what amount should Highman report as a prior period adjustment?


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