This is an international accounting for IFRS question I need part I and Part II done by tonight. I will pay whatever.

ACCT 506 Final Exam Objectives To expose you to current issues facing the profession in relation to revenue recognition. 2. To think critically about the current accounting and business environment and its evolution. 3. To learn to research current accounting issues. 4. To provide you an opportunity to demonstrate and improve your communication skills. 1. Requirements: Please show clearly related references to the guidance in your answers to each question. For example, if your answer is based on guidance from ASC 605-10-1, then you need to state clearly in the exam that \"based on ASC 605-10-1, revenue is ...\" 2. Your submitted exam answer MUST be typewritten using a word processing software and handwritten submissions are not acceptable. 3. The exam is due at noon on December 9, 2015. Please turn in your exam to my office, and do not email me your exam. 4. FASB codification website: http://aaahq.org/FASB-GASB. The username is AAA51352, and the Password is w44jNCJ. 1. Revenue recognition for Mixer Up Part I: Background Mixer Up (MU) manufactures cordless mixers for use in the kitchens of consumers. MU sells to retailers, which sell the mixers to the ultimate consumer. One of MU's retail customers is Kitchen Hardware (KH). On January 1, MU sells to and receives payment from KH for 100 cordless mixers with a one-year warranty for $50 each. The mixers are delivered by MU to KH upon receipt of payment and the warranty is initiated at that time as well by MU. This warranty provides for a replacement of the mixer if the mixer fails to work properly within one year of the date of purchase. MU also sells its mixers with no warranty for $40 per unit. The cost to manufacture each mixer is $32. MU also provides its retail customers with sales incentives in the form of volume discounts on purchases of mixers with warranties paid at the end of an annual period. The agreement between MU and KH provides for the following volume discounts. Additionally, the probability of purchases for each volume level as estimated by MU is provided based on historical experience and forecasted sales. Number of mixers purchased Discount Probability Less than 1,000 0% 40% 1,000 through 1,999 5% 40% 10% 20% 2,000 or more The discounts are retroactive. If 2,000 mixers are purchased during the year, a discount of 10% will be applied to all 2,000 mixers. Requirements 1. Record all accounting entries for MU for the month of January based on the current guidance on revenue recognition in ASC 605 (10 points). Include references to the guidance to support your proposed accounting (5 points). Show any calculations you make to support your journal entries for partial credits. 2. Based on the new guidance on revenue recognition in ASC 606, please prepare a detailed explanation (use your own words based on this specific case for MU, please do not copy and paste from the guidance) of each of the five steps for revenue recognition (25 points). Record all accounting entries for MU for the month of January (10 points). Please include references to the guidance to support your proposed accounting (10 points). Show any calculations you make to support your journal entries. Revenue recognition for Mixer Up Part II: Background MU just developed new universal titanium replacement mixer blades. These replacement blades can be used in most mixers currently on the market. MU is selling these blades with a right of return for 30 days. On January 15, management believes it is probable that 10% of the titanium blades sold will be returned. This belief is based on significant experience in estimating returns on other mixer blades MU has developed and sold in the past. MU estimates the cost of processing any returned blades will be insignificant. On January 15, KH purchases and pays for 40 blades at a cost of $20 each. The cost to manufacture each blade was $14. On January 31, MU's assessment of potential returns had not changed from its assessment on January 15. Requirements: 3. Based on the new guidance on revenue recognition in ASC 606, please prepare a detailed explanation (use your own words based on this specific case for MU, please do not copy and paste from the guidance) of each of the five steps for revenue recognition (25 points). Record all accounting entries for MU for the month of January (10 points). Please include references to the guidance to support your proposed accounting (5 points). Show any calculations you make to support your journal entries