Part 1 Q1 The economic justification for issuing bond payable at discount ? Q2 the economic justification for issuing bond payable at premium ? Q3 The economic justification for discount amortization ? Q4The economic justification for premium amortization ? Qs Does Premium & discount amortization have to be carried for all bond payables ? Q5 Indicate the reporting value for bond payable and other LTL under both FASB & IAS . Consider all possible situations . Q6 explain briefly the reporting criteria for loss contingencies and their related liabilities . And provide two example of loss contingencies commonly meet the reporting criteria and recognized and reported in the financial statements . Part II . Case on recognition & repotting of long term liabilities and PPE PART IT O Tanary 1 , 2009 LIZA Corp acquued an equipment from National Manufacture and signature year notetest bearing office value $ 10000 The fait value present value of the note ou acquisition date was estimated to be $ 7500 wbach reflect an implicat interest rate at the nate equal to 10 % atually The estimated theft life of 5 years and to residual value and company usually wed SLM to depreciate similar equipment compaty sabject to 40 % testate Company recorded the transaction by the following Jotunal entry Dr Equipient $ 10000 Cr Note payable $ 10000