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Q2 Bull Corporation has a December 31 fiscal year-end. As of December 31, Year 1,Bull corporation has the following items: $150,000 Notes payable, due on March 1, Year 2. The company has an agreement with the bank to refinance the note for 2 years but the refinancing has not yet been completed. $150,000 4% bond payable, due on December 31, Year 5. The company has violated the bond covenants which causes the bonds to come due on January 31, year 2. The company has negotiated with the bondholder and the bondholder agreed to grant the company 6 months to rectify the debt covenant violation. Assuming that under US GAAP the current asset of Bull Corporation at December 31 Year 1 is $520,000. Calculate the current asset of Bull Corporation at December 31, Year 1 under IFRSs? Q4: Buch Corporation purchased a machine at the beginning of year 1 at a cost of $700,000. The machine is used in the production of product A. Expected useful life of the machine is 20 years with no residual value. The straight-line method of depreciation is used. At the end of 2nd year. The machine is revalued upward at its fair value of $714,100 Question 1: Calculate the revaluation gain on 31 Dec, Year 2 and prepare appropriate journal entries. In year 3, due to adverse economic conditions demand for product A declined significantly. At Dec 31, year 3, the company develops the following estimates related to the machine: Expected future cash flows: $600,000 Present value of expected future cash flows: $520,000 Selling price: $530,000 Costs of disposal: $20,000 Question 2: Determine whether the machine has been impaired in accordance with IAS 36 and prepare appropriate journal entries on 31 Dec, Year 3 Q2 Bull Corporation has a December 31 fiscal year-end. As of December 31, Year 1,Bull corporation has the following items: $150,000 Notes payable, due on March 1, Year 2. The company has an agreement with the bank to refinance the note for 2 years but the refinancing has not yet been completed. $150,000 4% bond payable, due on December 31, Year 5. The company has violated the bond covenants which causes the bonds to come due on January 31, year 2. The company has negotiated with the bondholder and the bondholder agreed to grant the company 6 months to rectify the debt covenant violation. Assuming that under US GAAP the current asset of Bull Corporation at December 31 Year 1 is $520,000. Calculate the current asset of Bull Corporation at December 31, Year 1 under IFRSs? Q4: Buch Corporation purchased a machine at the beginning of year 1 at a cost of $700,000. The machine is used in the production of product A. Expected useful life of the machine is 20 years with no residual value. The straight-line method of depreciation is used. At the end of 2nd year. The machine is revalued upward at its fair value of $714,100 Question 1: Calculate the revaluation gain on 31 Dec, Year 2 and prepare appropriate journal entries. In year 3, due to adverse economic conditions demand for product A declined significantly. At Dec 31, year 3, the company develops the following estimates related to the machine: Expected future cash flows: $600,000 Present value of expected future cash flows: $520,000 Selling price: $530,000 Costs of disposal: $20,000 Question 2: Determine whether the machine has been impaired in accordance with IAS 36 and prepare appropriate journal entries on 31 Dec, Year 3