The following is a list of possible transactions.

Transaction

1. Purchased inventory for $80,000 on account. (Assume a perpetual system is used.)

2. Issued an $80,000 note payable in payment of an account (see item 1 above).

3. Recorded accrued interest on the note from item 2 above.

4. Borrowed $100,000 from the bank by signing a $104,000, six-month, noninterest-bearing note.

5. Recognized four months of interest expense on the note from item 4 above.

6. Recorded cash sales of $81,900, which includes 5% provincial sales tax.

7. Recorded salaries and wages expense of $35,000. The cash paid was $25,000; the difference was due to various amounts withheld.

8. Recorded employers payroll taxes.

9. Accrued accumulated vacation pay.

10. Signed a $2-million contract with Construction Corp. to build a new plant.

11. Recorded bonuses due to employees.

12. Recorded a provision on a lawsuit that the company will probably lose.

13. Accrued assurance-type warranty expense.

14. Paid warranty costs that were accrued in item 13 above.

15. Recorded sales of product and separately sold service-type warranties.

16. Paid warranty costs under contracts from item 15 above.

17. Recognized warranty revenue (see item 15 above).

18. Recorded estimated liability for premium claims outstanding.

19. Recorded the receipt of a cash down payment on services to be performed in the next accounting period.

20. Received the remainder of the contracted amount and performed the services related to item 19 above.

(b) Determine if any of the transactions would have had different criteria applied for recognition had IFRS been followed.