Question:Walker Corp has a $1 million note payable due to its founder, Jim Walker.Mr. Walker is recentlydeceased and has no heirs that Walker Corps executive team is aware of.Walker Corp hasasked for your help to determine whether it is appropriate to derecognize the liability from itsFnancial statements (i.e. remove the liability from its general ledger).Required:-Citing guidance from the CodiFcation, respond to Walker Corp.Your response shoulddiscuss the guidance and its applicability to this situation, and should include excerpts fromthe guidance as helpful in supporting your response.-Explain how you located the relevant guidance, including the search method used andwhich section you searched with the appropriate topic.