ACT 506 week 5 Advance accounting II

Learning Outcomes for this Module Reminder: In addition to the assignment in Connect please answer the following questions and submit your answers in a Word document: W ith regards to your Assignment performed in Connect and what you read and learned about in this module answer the following questions. You should refer to the FASB Accounting Standards Codification (FASB ASC) specifically when answering some of the questions below: Hydro Corporation needs to build a new production facility. Because it already had a relatively high debt ratio the company decided to establish a joint venture with Rich Corner Bank. This arrangement permitted the joint venture to borrow $30 million for 20 years on a fixed-interest-rate basis at a rate nearly 2 percent less than Hydro would have paid if it had borrowed the money. Rich Corner Bank purchased 100% of the joint ventures equity for $200000 and Hydro provided a guarantee of the debt of the bondholders and a guarantee to Rich Corner Bank that it would earn a 20% annual return on its investment. As a senior member of Hydros accounting staff you have been asked to investigate the financial reporting standards associated with accounting for variable interest entities and determine whether Hydros reporting is appropriate. Prepare a memo to Hydros President stating your findings and conclusions and analyzing the impacts on Hydros financial statements if the current reporting procedures are inappropriate. Include citations to or quotations from the authoritative accounting literature including the ASC to support your findings and conclusions. Writing Assignment Requirements: Requirements: Write a paper of 2-3 pages double-spaced in length not counting the title and the reference page(s) and any Exhibit(s) or Appendices. Submissions in excess of 3 pages are acceptable. Use terms evidence and concepts from the Module interactive l Analyze intercompany transfers and their elimination. Develop equity-method consolidation entries for a variety of downstream and upstream inventory scenarios. Evaluate concepts associated with intercompany transfers of services and noncurrent assets. Calculate equity-method consolidation entries for a variety of downstream and upstream involving noncurrent asset scenarios. Evaluate concepts associated with intercompany debt transfers. Produce consolidation entries for a variety of intercompany indebtedness scenarios. Write a paper of 2-3 pages double-spaced in length not counting the title and the reference page(s) and any Exhibit(s) or Appendices. Submissions in excess of 3 pages are acceptable. Use terms evidence and concepts from the Module interactive lecture and readings including professional business language. Cite at least 3 credible academic or professional sources for this assignment. Analyze intercompany transfers and their elimination.Develop equity-method consolidation entries for a variety of downstream and upstream inventory scenarios.Evaluate concepts associated with intercompany transfers of services and noncurrent assets.Calculate equity-method consolidation entries for a variety of downstream and upstream involving noncurrent asset scenarios.Evaluate concepts associated with intercompany debt transfers.Produce consolidation entries for a variety of intercompany indebtedness scenarios.

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