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Questionl: On December 1, john contracted for the making of a building for $10,00,000. The building was completed at the end of March next year, and during the period the following were made to the contractor. Payment date Amount ($'000) December 200 January 600 Febuary 100 March 100 John borrowings at its year end were as follows: a. 10%, 4-year note with simple interest payable annually, which relates specifically to the project; debt outstanding amounted to $6,00,000. Interest of$ 5,000 was incurred on these borrowings during the year, and interest income of 20,000 was earned on these funds while they were held in anticipation of payments. b. 12.5% 10-year note with simple interest payable annually, debt outstanding amounted to $.1,000,000 and remained unchanged during the year, and C 10% 10-year note with simple interest payable annually, debt outstanding at amounted to $.1,500,000 and remained unchanged during the year. What amount of the borrowing costs can be capitalized at year end. Question2: XYZ. won an award for $1 million. From the proceeding, it was evident that the Company is most likely to win the award. The directors approved the financial statements for year ending. The management did not consider the effect of the above transaction, as it was favourable to the company and the award came after the end of the financial year. POR Ltd. have a trading business of Mobile telephones. The Company has purchased 1000 mobiles phones at 5.5,000 each. The manufacturers of phone had announced the release of the new version but not announced the price. Zoom Ltd, has valued inventory at cost of $ 5,000 each. Due to arrival of new advance version of Mobile Phone, the selling prices of the mobile stocks remaining with company was dropped at Rs.4,000 each. The financial statements of the company valued mobile phones @ $5,000 each and not at the value @ 5.4,000 less expenses on sales, as the price reduction in selling price was effected after There was an old due from a debtor amounting to $15 against whom insolvency proceedings was instituted prior to the financial year ending The debtor was declared in solvent Assume that subsequence to the year end and before the financial statements are approved, Company's management announces that it will restructure the operations of the company. Management plans to make significant redundancies and to close a few divisions of company's business; however, there is not formal plan yet. Should management recognize a provision in the books if the company decides subsequent to end of the accounting year to restructure its operations