68. On May 1, year 2, Winston Corporation received notification of legal action against the firm. Winston’ s attorneys determine that it is probable the company will lose the suit, and the loss is estimated at $ 5,000,000. Winston’ s accountants believe this amount is material and should be disclosed. Winston prepares its financial statements in accordance with IFRS. How should the estimated loss be disclosed in Winston’ s financial statements at December 31, year 2?
69. Webb Co. has outstanding a 7 %, 10-year $ 100,000 face-value bond. The bond was originally sold to yield 6 % annual interest. Webb uses the effective interest rate method to amortize bond premium. On June 30, year 1, the carrying amount of the outstanding bond was $ 105,000. What amount of unamortized premium on bond should Webb report in its June 30, year 2 balance sheet?
70. What amount should Bloy accrue as its share of payroll taxes in its October 31, year 1 balance sheet?
71. Glen Corporation had the following long-term debt:
72. The total of the serial bonds amounted to
73. Ande Co. estimates uncollectible accounts expense using the ratio of past actual losses from uncollectible accounts to past net credit sales, adjusted for anticipated conditions. The practice follows the accounting concept of
74. An expropriation of assets which is imminent and for which the amount of loss can be reasonably estimated should beBronson Apparel, Inc. operates a retail store and must determine the proper December 31, year 1 year-end accrual for the following expenses:
75. In its December 31, year 1 balance sheet, Bronson should report accrued expenses of