Please answer 1.6, that is the best photo I can get and there was no other information provided with it. Thanks!

1.5 Respond to Jensen Inc. Describe the applicable guidance requirements, including excerpts as needed to support your response. 2. Next, explain how you located the relevant guidance, including the search method used and which section you searched within the appropriate topic. Goodwill Accounting Alternative An "accounting alternative" is available within the Goodwill topic of the Codi- fication (ASC 350-20), specifically as it relates to the subsequent measurement of goodwill . Locate this alternative. and explain: 1) What measurement approach does the accounting alternative permit?; 2) What types of companies are eligible to apply this accounting alternative, and where did you locate this information?; 3) How does the accounting alternative differ from the measurement requirements for companies that do not (or cannot) elect this treatment? 4) What was the effective date for this guidance, and where did you locate this information? Applying Transition, Effective Date Guidance You are on the audit team for a publicly traded insurance company with a calendar year-end. The company needs help understanding the FASB's recent standard (ASU 2018-12) on insurance contracts and has asked you the following questions: 1) In what annual period are we first required to apply the new standard? 2) In what interim period? 3) When we apply the new standard, are we required to recast compara- 1.7 tive periods to conform to the new requirements? 4) What topic does this ASU update within the Codification 5) What are some of the key changes brought about by this new standard? For each question, explain where within the guidance (ASU or Codification) you located the infornation. Early Payment Discount Jones Equipment is a private company that sells and installs HVAC systems. Jones offers payment terms of 2/10, n/30, where customers making payment within 10 days of installation will receive a discount of 2% off the purchase price or must pay the full balance due within 30 days . Jones has just received payment from a new customer who paid within the 10-day window and is thus entitled to the 2% discount . The gross sales price of llotinn, before discount, was $10,000. This discount will not result in a loss to Jones on the our help to determine when the 2% early-payment discount should be luction in revenue or us a cost of sales? ons would make upon instal- ane 1.5 Respond to Jensen Inc. Describe the applicable guidance requirements, including excerpts as needed to support your response. 2. Next, explain how you located the relevant guidance, including the search method used and which section you searched within the appropriate topic. Goodwill Accounting Alternative An "accounting alternative" is available within the Goodwill topic of the Codi- fication (ASC 350-20), specifically as it relates to the subsequent measurement of goodwill . Locate this alternative. and explain: 1) What measurement approach does the accounting alternative permit?; 2) What types of companies are eligible to apply this accounting alternative, and where did you locate this information?; 3) How does the accounting alternative differ from the measurement requirements for companies that do not (or cannot) elect this treatment? 4) What was the effective date for this guidance, and where did you locate this information? Applying Transition, Effective Date Guidance You are on the audit team for a publicly traded insurance company with a calendar year-end. The company needs help understanding the FASB's recent standard (ASU 2018-12) on insurance contracts and has asked you the following questions: 1) In what annual period are we first required to apply the new standard? 2) In what interim period? 3) When we apply the new standard, are we required to recast compara- 1.7 tive periods to conform to the new requirements? 4) What topic does this ASU update within the Codification 5) What are some of the key changes brought about by this new standard? For each question, explain where within the guidance (ASU or Codification) you located the infornation. Early Payment Discount Jones Equipment is a private company that sells and installs HVAC systems. Jones offers payment terms of 2/10, n/30, where customers making payment within 10 days of installation will receive a discount of 2% off the purchase price or must pay the full balance due within 30 days . Jones has just received payment from a new customer who paid within the 10-day window and is thus entitled to the 2% discount . The gross sales price of llotinn, before discount, was $10,000. This discount will not result in a loss to Jones on the our help to determine when the 2% early-payment discount should be luction in revenue or us a cost of sales? ons would make upon instal- ane