Ireland Airways recently reported the following items at fair value in recent annual report (in millions). AccountAmountSource of InputCash and Cash equivalents$11,837Identical Asset /Active MarketCommercial Paper 135Similar Asset/Active MarketOther Available for Sale Securities 228Identical Asset/Active MarketOption contracts 109Significant unobservable inputsTime Deposits 550Identical Asset/Inactive MarketCertificates of Deposit 125Similar Asset/Inactive Market What is the total dollar amount of level 1 assets?What is the total dollar amount of level 2 assets?What is the total dollar amount of level 3 assets?

ASC 820 Fair Value Measurements classifies fair value measurements into three categories. A. Level…

Answered: Ireland Airways recently reported the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Ireland Airways recently reported the following items at fair value in recent annual report (in millions).

Account	Amount	Source of Input
Cash and Cash equivalents	$11,837	Identical Asset /Active Market
Commercial Paper	135	Similar Asset/Active Market
Other Available for Sale Securities	228	Identical Asset/Active Market
Option contracts	109	Significant unobservable inputs
Time Deposits	550	Identical Asset/Inactive Market
Certificates of Deposit	125	Similar Asset/Inactive Market

What is the total dollar amount of level 1 assets?

What is the total dollar amount of level 2 assets?

What is the total dollar amount of level 3 assets?

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