What has been the trend, over time, in FASB and IASB pronouncements with regard to values used in financial statements? ○ They have insisted on staying with historical cost They have announced that all assets and liabilities will be stated at current fair value starting in 2028 They have decided that all items now valued at fair value should be revalued at replacement cost

What has been the trend, over time, in FASB and IASB pronouncements with regard to values used in financial statements? ○ They have insisted on staying with historical cost They have announced that all assets and liabilities will be stated at current fair value starting in 2028 They have decided that all items now valued at fair value should be revalued at replacement cost

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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answer in text form please (without image)
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This is not a new question. I am just asking for clarification on the solution to my question. I attached the picture of the question I submitted. There are two issues with that solution: 1. There are no accounts like Leasehold Expense or Prepaid Leave. Please, clarify that. 2. I asked for the following journal entries: Dec. 31, 2020 (To clear Intangible Assets account)Dec. 31, 2020 (To correct for amortization on franchises)Dec. 31, 2020 (To correct for rent payments)Dec. 31, 2020 (To record amortization expense on patents)Dec. 31, 2020 (To record amortization expense on licences)Dec. 31, 2020 (To record amortization expense on development cost) Please, clearly state each journal entry. Id appreciate it thanks. It is quite confusing now. Also, if u look at the pictures I uploaded you can see the structure of the journal entries u have to follow.
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