Two multiple choice questions and one essay question - need it in 1.45 hours, thanks.

1) Which of the following events that occurred after the balance sheet date but before issuance of the financial statements would generally require disclosure, but no adjustment of the financial statements?

Settlement of litigation when the event that gave rise to the litigation occurred prior to the balance sheet date

Employee strikes

Retirement of the company president

Issue of a large amount of capital stock

2)At the beginning of 2012, Annie, Inc. has a deferred tax asset of $7,500 and deferred tax liability of $10,500. In 2012, pretax financial income was $826,000 and the tax rate was 35%. Pretax income included: Interest income from municipal bonds $15,000 Accrued warranty costs, estimated to be used in 2013 $74,000 Prepaid rent expense, will be used in 2013 $31,000 Installment sales revenue, to be collected in 2013 $56,000 Operating loss carryforward $71,000 Deferred tax liability ending balance December 31, 2012 is?

3)Adam's Adorable Creations Company Adam's Adorable Creations Company provided the following financial information for its installment-sales for the current year. Financial Data: Installment sales for current year $2,500,000 Cost of goods sold on installment basis $2,000,000 Repossessed merchandise: Estimated value $32,000 Repossessed merchandise: Unpaid balances $45,000 Payments by customers $1,600,000 Required: (a) Prepare journal entries for the end of the year based on the information above. (b) Prepare the entry to record the gross profit realized in the current year?