Please provide a summary of your solution in a professional document (i.e. memo) that outlines the solution for each accounting issue stated You are working for Miday LLP, an accounting consulting firm, as a research and accounting specialist Oakley Inc. (a manufacturing company) has asked you to research and explain the U.S. GAAP rules for various transactions. The client wants you to reference and explain the rules in the FASB codification for this topic. Oakley Inc. will then use your business professional memo to look up the rules in the codification Please make sure you include in your memo discussion of all three items (a) to (c) below. Reference the relevant topic, subtopic, section and paragraph(s). You should reference the codification by using "FASB ASC XXX-XX-XX-XX". Primarily focus on whether you are identifying the proper topics, subtopics, sections and paragraphs in the codification You can summarize each reference in 1-2 sentences. You should not be copying any of the codification into your memo as the client can go look directly at the codification reference. a) Oakley Inc. suffered losses on receivables resulting from a customer's major casualty (hurricane destroyed their warehouse and storefront) arising after the balance sheet date but before financial statements are issued or are available to be issued. How should the company deal with this subsequent event? Determine the reference(s) from the codification system that explain the GAAP guidance on this topic. b) Oakly Inc. charges a delinquency fee when AR is not paid within 6 months of the sales transaction date. How should the company account for the delinquency fees? Determine the reference(s) from the codification system that explain the GAAP guidance on this topic. c) The company has pledged some of their Account Receivable balances as collateral in relation to a note payable where the company borrowed $100,000 from a financing institution. What information does the company have to disclose in relation to the Accounts Receivable balances that are being used as collateral for the financing arrangement? Determine the reference(s) from the codification system that explain the GAAP guidance on this topic. Please provide a summary of your solution in a professional document (i.e. memo) that outlines the solution for each accounting issue stated You are working for Miday LLP, an accounting consulting firm, as a research and accounting specialist Oakley Inc. (a manufacturing company) has asked you to research and explain the U.S. GAAP rules for various transactions. The client wants you to reference and explain the rules in the FASB codification for this topic. Oakley Inc. will then use your business professional memo to look up the rules in the codification Please make sure you include in your memo discussion of all three items (a) to (c) below. Reference the relevant topic, subtopic, section and paragraph(s). You should reference the codification by using "FASB ASC XXX-XX-XX-XX". Primarily focus on whether you are identifying the proper topics, subtopics, sections and paragraphs in the codification You can summarize each reference in 1-2 sentences. You should not be copying any of the codification into your memo as the client can go look directly at the codification reference. a) Oakley Inc. suffered losses on receivables resulting from a customer's major casualty (hurricane destroyed their warehouse and storefront) arising after the balance sheet date but before financial statements are issued or are available to be issued. How should the company deal with this subsequent event? Determine the reference(s) from the codification system that explain the GAAP guidance on this topic. b) Oakly Inc. charges a delinquency fee when AR is not paid within 6 months of the sales transaction date. How should the company account for the delinquency fees? Determine the reference(s) from the codification system that explain the GAAP guidance on this topic. c) The company has pledged some of their Account Receivable balances as collateral in relation to a note payable where the company borrowed $100,000 from a financing institution. What information does the company have to disclose in relation to the Accounts Receivable balances that are being used as collateral for the financing arrangement? Determine the reference(s) from the codification system that explain the GAAP guidance on this topic