I want a solution and answer for question 2, and 4

Assignment 1: Conceptual Framework and Accounting Review (6%) Please contact your Open Learning Faculty Member if you have any questions regarding the assignment. This assignment is worth 6% of your course grade. Instructions Complete the following questions. Question 3 is in your textbook. Q. 1 Question 1 (below) 10 marks Q. 2 Question 2 (below) 30 marks Q. 3 Problem P2-3 Items 1 to 5 only 10 marks Q. 4 Question 4 (below) 50 marks Question 1: Calculate the following on your financial calculator. Show your financial calculator inputs. Use of tables is not acceptable. All rates are expressed as an annual rate. 1. Present value of a payment of $600,000 that you will receive 10 years from now at 4%. (2 marks) 2. The future value of a deposit today of $500,000 to be received 8 years from now, compounded twice yearly at an annual rate of 5%. (2 marks) 3. The present value of a series of equal yearly payments of $20,000 at 3.8% for 20 years. Payments are received at the end of the year. (2 marks) 4. The price of a 10 year, $2,000,000 bond that carries a face rate of 3% and a yield rate of 3.8%, and pays interest twice per year. (4 marks) Question 2: 1. In your own words, explain the following foundational accounting principles using one to three sentences for each (2 marks each). 1. Economic entity 2. Control (IFRS) 3. Revenue recognition and realization 4. Matching 5. Periodicity 6. Monetary unit 7. Going concern 8. Historical cost 9. Fair value. 10. Full disclosure 2. For each of the situations below, identify the primary foundational principle that has been violated and explain why this is a violation. Identify only the primary violation. Do not give more than one principle for each situation. (2 marks each) 1. AB Corp. purchased manufacturing equipment for $300,000 and expenses it because they were having such a successful year. 2. BC Co. reported ending inventory of $2.5 million. They decided not to include a note on inventory in their financial statement. 3. CD Co. purchased equipment at auction and got a great deal because there were no other bidders. The CFO decided to record the purchase of equipment at fair market value and to record a gain of $40,000. Do not use the revenue recognition principle. 4. Legislation that will prohibit the import of all exotic pets is expected to pass in the House of Commons next year. DE Company's sole product is exotic pets, which they sell Canada-wide. President Holly Sandhead told the CFO that in terms of financial reporting, this doesn't change anything, and that it's \"business as usual.\" 5. EF Co. has one shareholder who runs the business. He recently purchased a new computer for his personal use. He paid with his business bank account and debited office equipment. The following year-end adjustments are needed: A two-year insurance policy was purchased on November 30, 2016. An end of year inventory of supplies indicated a remaining inventory of $2,670. Depreciation of equipment is $375. Earned $250 of previously unearned revenue. Accrual of salaries for $210. 6. Accrual of $1,800 revenue owed by a customer and not yet billed. Instructions: 1. Prepare the adjusting journal entries. Use standard form for your journal entries. Page 107 in your text provides a good example. (12 marks) 2. Prepare the following: 1. Adjusted trial balance. (4 marks) 2. Income statement for the year 2016 in good form. (10 marks) 3. Statement of retained earnings in good form. (4 marks) 4. Classified Statement of Financial Position in good form. (14 marks) 5. Closing journal entries. (6 marks) Good form includes a full title, a $ sign on the first number in a column and in the statement total, double underline on the statement total, proper use of columns, and no abbreviations