For the following two cases, assume that you work at a CPA firm, and your supervisor asked you to research these matters. Please present your submissions in a "memorandum" format. Since these cases are for "chapter 4" - you know that you'll be expected to conduct "financial accounting research." That means you'll be reviewing the FASB Codification to find the applicable rule to apply to your case. My "hints" below will guide you to the rule. I'm expecting that your submission will not only identify the applicable rule but, instead, you will also apply the rule to the facts and reach a conclusion.

Case 1: A new client for your firm is Sammy Sosa who is preparing personal financial statements for a bank loan. Mr. Sosa is attempting to list his social security benefits to be received based on his future life expectancy as an asset on his financial statements. Mr. Sosa states that such benefits meet the definition of an asset. Would you agree to allow the social security benefits to be listed as an asset? Hint: you'll want to review Topic 274 "Personal Financial Statements" and, in particular, Section 35, "Subsequent Measurement."