1)

Topic relates to Cash Surrender Value of Life Insurance. Question is as follows; When should Cash Surrender Value of Life Insurance polices be classified on the Statement of Financial Position under the category Current Assets? Requirement: You are to answer the question using FASB ASC Codification and cite your source down to the paragraphs then you are to state the rule. Therefore you will have two parts to your answer. Part A - is the exact FASB Codification in this format - ASC XXX-XX-XX(#) in this instance the exact alphabet letter in the list related to Cash Surrender Value of Life Insurance. Part B you are to state if you should include it or exclude it from current assets

2)

Bama Tide Corporation is in the need to raise capital and has just issued convertible debt. The convertible debt converts into shares of common stock upon certain defined events. One even is the increase of Bama Tide Corporation common stock - the stock must increase in on the New York Stock Exchange by 15% within a one year time period. Upon the stock price increasing by 15% within this one year time period then the conversion can occur. The issue is Bama Tide Corporation must determine how to account for the issuance. You are required to identify search terms that you might use to research. Once you identify the terms, then browse path (down to the section) you would most likely use to navigate to the guidance for this issue. Then you are to cite the FASB ASC - the answer is to be in this format ASC XXX-XX-XX. Therefore you will have three parts to your answer. Part A - are the key words - always list two or three key words - you list a minimum of two key search term and a maximum of three key word search terms. I will count this part incorrect if you list less than two and more than three. Part B - Identify the browse path (down to the section such as IndustryAirlinesProperty, Plant, and EquipmentRecognition this is in ASC 908-360-25) Part C - Must be the correct FASB ASC citation - this one must be listed as ASC XXX-XX-XX