1. In 2013, CES purchased a minor-league professional rugby franchise in Barrie and paid $800,000 in initial league fees. The rugby operations were immediately incorporated in a new subsidiary company, BBI Inc. Recently, CES made a decision to return to its core business of major league sports and to sell BBI. BBI's year end is the same as CES's year end, December 31.

3. All tickets are general admission tickets, with single game seats selling for $6.00. Season ticket holders, which number around 2,000, pay $200 for the 40 home games in August and September. Any season tickets not used cannot be transferred for another game, no refunds are offered, and the tickets are non-transferable and non-refundable. Jonathan Chan, the team's general manager, has instructed the bookkeeper to record all season ticket sales as revenue when the customer pays for the tickets. Play-off tickets are sold apart from the season ticket package, although season ticket holders are given the right of first refusal to purchase playoff tickets for their seats.

9. BBI has temporary investments that are being carried at cost. Jonathan has confessed that he has not adopted the accounting standards for financial instruments. The temporary investments are being carried at cost on the financial statements. The market value of the investments are as follows: 2021 2020 Cost Market value Cost Market value $100,000 $150,000 $100,000 $110,000 100,000 150,000 100,000 110,000

Please report the accounting issues and recommendations under ASPE