Question The following selected transactions and events of Oakland Ltd (which uses ASPE) were completed during the accounting year just ended, December 31, 20X7 Interest rates reflect market rates unless indicated Merchandise was purchased in exchange for a $30,000 maturity value in one year (ie March 31,20X8), dated April 1, 20X7, 7 discounted note Also, you should update for interest effects on December 31, 20X7 Oakland has been sued by a customer for $500,000 The legal team believes that the company will be largely unsuccessful in its defence, and that the range of payout could be $200,000 to $500,000 It is believed that no amount within the range is more likely than any other On February 1, 20X7, Oakland shipped cargo in one of its owned containers and received a security deposit for the container of $2,000 which Oakland could keep if the container was not returned The container was never returned Oakland records its containers as part of property plant and equipment and had a net book value on the container of $1,600 Payroll records showed the following Gross wages Fed Prov Income tax EI CPP QPP Union dues $120,000 $32,000 $6,100 $5,500 $2,500 The employer has to match the CPP QPP amount deducted above, and remit EI in the amount of 1 4 times the amount deducted above All remittances were made during 20X7 Required Prepare the journal entries for each of the transactions and events as required For part b) how would your response change if Oakland used IFRS Provide support

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Question The following selected transactions and events of Oakland Ltd.(which uses ASPE) were completed during the accounting year just ended, December 31, 20X7. Interest rates

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The following selected transactions and events of Oakland Ltd.(which uses ASPE) were completed during the accounting year just ended, December 31, 20X7. Interest rates reflect market rates unless indicated.

Merchandise was purchased in exchange for a $30,000 maturity value in one year (ie: March 31,20X8), dated April 1, 20X7, 7% discounted note. Also, you should update for interest effects on December 31, 20X7.

Oakland has been sued by a customer for $500,000. The legal team believes that the company will be largely unsuccessful in its defence, and that the range of payout could be $200,000 to $500,000. It is believed that no amount within the range is more likely than any other.

On February 1, 20X7, Oakland shipped cargo in one of its owned containers and received a security deposit for the container of $2,000 which Oakland could keep if the container was not returned. The container was never returned. Oakland records its containers as part of property plant and equipment and had a net book value on the container of $1,600.

Payroll records showed the following:

Gross wages Fed/Prov Income tax EI CPP/QPP Union dues

$120,000 $32,000 $6,100 $5,500 $2,500

The employer has to match the CPP/QPP amount deducted above, and remit EI in the amount of 1.4 times the amount deducted above.

All remittances were made during 20X7.

Required:

Prepare the journal entries for each of the transactions and events as required.
For part b) how would your response change if Oakland used IFRS? Provide support.