troubled debt restructuring / pension financial statements / leases Flashcards
how is a debt restructuring gain calculated?
liability liquidated - fair value of transferred asset
what are the 2 financial statements required for pensions?
statement of net assets available for benefits
statement of changes in net assets available for benefits
what is a defined benefit plan?
employer promises an amount to employee
what is a defined contribution plan?
employee and employer both contribute
serial v term bonds maturity
installments
single
debenture bonds
unsecured
term bonds have assets that are
secured
what is the journal entry for credit loss due to entity specific events?
credit loss expense
(allowance for credit losses)
what is the journal entry for credit loss due to general economic conditions?
OCI
(fv adjustment)
what is the journal entry for recovery of credit losses?
allowance for credit loss
(credit loss expense)
what is recovery of credit deterioration limited to?
allowance for credit loss
what is the journal entry to write off a credit loss that will not be recovered?
allowance for credit loss
(inv in AFS security)
leasehold improvement should be amortized over the lesser of:
remaining life of the lease
life of the improvement
where are initial direct costs recorded at lease inception?
right of use assest
where are initial direct costs recorded at lease inception?
right of use asset
