ssignment/takeAssignmentMain.do?invo ker=&takeAssignmentSession Locator-assignment-take&inprogres Calculator Print Item tingencies IFRS Instructions Chart of Accounts General Joumal structions Fallon Company, a toy manufacturer that also operates several retail outlets, is preparing its December 31, 2016, financial statements A customer is suing the company for $800,000 in damages because her child was injured in November 1. 2016 while riding an escalator that stopped suddenly in one of its stores The child was hurt when he tripped and fell while walking "down" an escalator that was going "up Legal counsel feels that the child is partially at fault, but that it is probable that the lawsuit will be settled for between $50,000 and $100.000, with $80.000 being the most likely amount Fallon has discovered that a skateboard it began manufacturing and selling in 2016 has defective bearings, sometimes causing a wheel to fall off. Fallon has issued a "recal notice in newspapers and magazines in which it offers to replace the bearings It estimates aa cost of $200,000 for these repairs No lawsuits have been filed for injury claims, although the company feels that there is a reasonable possibility that claims may total as high as $2 million. Fallon has an incinerator behind one of its retail outlets which is used to burn cardboard boxes received 30 in shipments of inventory from suppliers. The state environmental protection agency 1led suit against the company in August 2016 for air pollution. Fallon expects to stop using the incinerator and begin recycling However, its lawyers believe that probable that a fine of between $40.000 and $60.000 will be levied against the company, although they cannot predict the exact amount In early 2016 Falon signed a contract with a computer vendor to install "state of the art cach registers in all of its retail outlets. Because of the vendor's inability to acquire suficient cash registers, the yendor canceled the contract. Fallon has filed a breach of contract suit against the vendor, claiming $300.000 in damages. The company's lawyers expect that it wil settle the suit "out of court for $150.000 Required: Next Level For each autuation, prepare the joumal entry of any) on December 31, 2016, to record the information for Falon 1 and explain your reasoning if no journal entry is recorded explain how the information would be disclosed in Falon's 2016 annual report 2. How would your answers change f Fallon used IFRS? Check My Work All work saved ssignment/takeAssignmentMain.do?invo ker=&takeAssignmentSession Locator-assignment-take&inprogres Calculator Print Item tingencies IFRS Instructions Chart of Accounts General Joumal structions Fallon Company, a toy manufacturer that also operates several retail outlets, is preparing its December 31, 2016, financial statements A customer is suing the company for $800,000 in damages because her child was injured in November 1. 2016 while riding an escalator that stopped suddenly in one of its stores The child was hurt when he tripped and fell while walking "down" an escalator that was going "up Legal counsel feels that the child is partially at fault, but that it is probable that the lawsuit will be settled for between $50,000 and $100.000, with $80.000 being the most likely amount Fallon has discovered that a skateboard it began manufacturing and selling in 2016 has defective bearings, sometimes causing a wheel to fall off. Fallon has issued a "recal notice in newspapers and magazines in which it offers to replace the bearings It estimates aa cost of $200,000 for these repairs No lawsuits have been filed for injury claims, although the company feels that there is a reasonable possibility that claims may total as high as $2 million. Fallon has an incinerator behind one of its retail outlets which is used to burn cardboard boxes received 30 in shipments of inventory from suppliers. The state environmental protection agency 1led suit against the company in August 2016 for air pollution. Fallon expects to stop using the incinerator and begin recycling However, its lawyers believe that probable that a fine of between $40.000 and $60.000 will be levied against the company, although they cannot predict the exact amount In early 2016 Falon signed a contract with a computer vendor to install "state of the art cach registers in all of its retail outlets. Because of the vendor's inability to acquire suficient cash registers, the yendor canceled the contract. Fallon has filed a breach of contract suit against the vendor, claiming $300.000 in damages. The company's lawyers expect that it wil settle the suit "out of court for $150.000 Required: Next Level For each autuation, prepare the joumal entry of any) on December 31, 2016, to record the information for Falon 1 and explain your reasoning if no journal entry is recorded explain how the information would be disclosed in Falon's 2016 annual report 2. How would your answers change f Fallon used IFRS? Check My Work All work saved