• For each of the following independent situations

(1) identify and state in the form of a research question the most significant issue/problem,

(2) identify at least one plausible alternative,

(3) indicate the FASB codification cite that supports the alternative selected,

and

(4) explain how/why the indicated cite relates to the issue/problem/question.

Assignment 3 Requirements: For each of the following independent situations (1) identify and state in the form of a research question the most significant issue/problem, (2) identify at least one plausible alternative, (3) indicate the FASB codification cite that supports the alternative selected, and (4) explain how/why the indicated cite relates to the issue/problem/question. Your response should be formatted in report form. You may copy this file and use it as your \"format.\" Simply respond to the four requirements below each case. Remember to use blank spaces and indent (CTRL-M) when you begin your response. Or, you can begin another document file with separate sections for each case. You will be graded using the following criteria: o Presentation. Your work must be presented in an acceptable format. An acceptable format, in this case, is one that you might use to respond to questions from a supervisor. (Please do not prepare a separate \"memo\" for each case, however.) o Appropriateness of responses. Your work must reflect a general knowledge of the underlying accounting issues. You may use your Intermediate or other accounting texts to assist with recall, but you may not cite textbooks as they are very, very low on the relevance hierarchy. If you do adequately explain how the FASB codification you cite supports your alternatives, then your work will be considered incomplete. o If you do not identify an appropriate accounting issue and alternative solution, then your work will be considered incorrect. Note that you cannot adequately explain alternatives that are not acceptable! For example, there is no codification or other information that makes the idea that you decrease cash for receipts of cash acceptable! Grammar, sentence construction, and spelling. Effective communication is a necessary component of good research. You will be graded on the elements listed here. If your work has poor grammar, sentence construction, and spelling, then your work will be considered too difficult to understand or comprehend. Your grade will reflect the notion that I could not understand at least some parts of your response. (Please note: I do not superimpose my ideas to your work. Therefore, while I may \"know\" what you intend to say because I have knowledge of the topic, I cannot and will not assume that you have that same knowledge. You must, therefore, clearly articulate using good grammar, sentence construction, and spelling exactly what you mean. Remember that you are \"explaining\" complex issues.) Case 1 Lynn Knapp is the new accountant for Kaag Enterprises. Kaag Enterprises consists of an automobile refinishing plant, a race car painting service company, and a custom motorcycle design and building service. They house all operations of these three activities within the automobile refinishing plant. Due to liability issues, each of these are separate legal entities. Lynn has decided that she will combine the entities for financial reporting purposes. Case 2 Sinns Electric sold an office building and retail store to Iroquois State Savings and Loan Association for a total contract price of $675,000. The details of the sales agreement required a nonrefundable $25,000 down payment with the balance due in twenty monthly installments. A finance charge of 8% per year is to be included in the payments. At the time of the sale, Sinns Electric treated this transaction as an installment sale. Case 3 Klaber Company transports grain on the Mississippi River using barges and tugboats. In the normal course of business it expects that once every year or two a load of grain may be lost due to a barge mishap. When these mishaps occur, the accountant for Klaber Company records the total cost of the grain as an expense of the period in which the mishap occurs. Case 7 Drollinger Inc. exchanged a 2% five-year $10,000 note for a long-term productive asset. The productive asset is a stamping press that should have a ten-year life with a salvage value of about $800. The fair market value of the stamping press at the time of the exchange was $8,000. Case 9 Tobek Plumbing has entered an agreement to purchase 10,000 feet of 2-inch copper pipe during the next calendar year at a price of $1.83 per foot. Tobek will use all of the copper pipe in a hotel construction project to be completed over the next two years. It has already signed the contract for the hotel construction project. As of the end of the current reporting year, the price of the 2inch copper pipe has dropped to $1.67 per foot. Unfortunately, Tobek's purchase agreement cannot be canceled. Each case it needs the fasb number, code Like ASC 845-10-30-1 to show the explaination