15-20 Please answer all ASAP. Thank you.

15. On January 1, 2028, TOUPI inc. signed an asset exchange contract with ZIG-ZAG inc. relating to the disposal of land with a fair value of $600,000 and a book value of $360,000. TOUPI Inc. receives a truck with an original value of $880,000 and accumulated depreciation of $260,000.

DATE		DBIT	CRDIT

16. When two enterprises decide to transact by exchanging assets, the amount that is recognized depends on whether or not commercial substance is present in the transaction. What are the criteria of accounting standard IAS 16 Tangible assets to recognize the existence of commercial substance in such a transaction? Answer #16: a) b) c)

17. TAILLON INC. is a Canadian retail company. Any customer can return up to 20% of unsold items within 3 months from the date of receipt of the goods. TAILLON INC. has a policy of fully refunding inventory returned by customers. The company estimates the average merchandise return rate at 15%. During the fiscal year ending December 31, 2030, TAILLON INC. sold three million units for cash at a unit price of $35. Its unit cost is $25. Between January 1 and March 31, 2032, the actual number of merchandise returns relating to fiscal year 2030 is 430,000 units. Knowing that TAILLON INC. uses a perpetual inventory system, calculate the amount of revenue recognized in 2030. 

Sales in cash in 2030

18. On December 31, 2050, SOGESTAM sold industrial equipment worth $100 million to a regular and important customer. To secure the outcome of the transaction, the company required that the client sign a note receivable with the following characteristics:  Face value: $100,000,000  Maturity: 3 years.  Nominal interest rate: 8%  Market interest rate: 6% Calculate the issue price of this note receivable, using a financial calculator.

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19. Give 2 elements that differentiate a customer account from a receivable. Answer #19: a) b) 20. Name the steps for recognizing revenue under IFRS 15 Revenue from Contracts with Customers. (Please gooble IFRS 15 for more info) Answer #20: 1. 2. 3. 4. 5.