C323 Intermediate Accounting III Codification Assignment

Total value = 50 points

Please note this assignment has 2 parts.

To successfully answer both parts, you will need to access the FASB Accounting Standards Codification

with the link and credentials provided below via the American Accounting Association.

http://aaahq.org/ascLogin.cfm

FASB Codification Student Access Credentials:

Username - AAA58259

Password Pp3Q2nB

PART 1:

Codification

Determine the specific codification citation for each item 1 4 listed below. List specific references using the codification address methodology (i.e. FASB ASC 470-10-50-1). The language from the codification should also be included.

(Value = 5 points each = 20 Total for Part 1)

Hint: For part I, youll reference ASC section 840.

1. Definition of bargain purchase option.

2. The calculation of the lessors gross investment in a sales-type lease.

3. The disclosures required in the notes to the financial statements for an operating lease.

4. The disclosures necessary in the notes to the financial statements if the operating lease has a lease term greater than one year.