1.Respond to the following using the guidance in the Codification. Cite your sources for all responses. Measurement and the Concepts Statements.1.1. In periods subsequent to the acquisition date in a business combination, how should an acquirer measure contingent liability assume? Assume the contingencies were recognized as of the acquisition date. 1.2. Several assumptions are involved in an employer’s measurement of its liability for defined benefit pension benefits. Name two of these assumptions. Hint: This is located under the topic related to an employer’s accounting for pensions; this differs from a pension plan’s accounting1.3. Refer to the Friendly Appliance example described in this chapter.  Assume that by the time Friendly completes the installation of the washing machine in the year 20X2, its price for selling washing machines (individually, without installation services) has increased to $560. Should this price increase affect Friendly’s allocation for this particular arrangement? Explain2 Other Fair Value Measurement Research Questions (using Other Codification Topics and Sources): 2.1. Once an entity has determined that it is probable of having an environmental remediation liability, what costs must the entity initially include in its estimated environmental remediation liability (an “environmental obligation”)? 2.2. a. What is a valuation allowance as this term relates to income tax accounting?  b. What guidance within ASC 740-10 requires that entities consider applying a valuation allowance to deferred tax assets? c. What are some considerations relevant in determining whether a valuation allowance is required? 2.3. What are some of the variables, or assumptions, that enter into the initial measurement of a company’s asset retirement obligation? Consider, for example, a nuclear power plant that produces radioactive waste. What are some factoring the company should consider when initially estimating the ultimate disposal cost of this asset? To fully respond, also consider implementation guidance3. Cheese Ahead Frankie’s Homemade Cheese Shop (“Frankie’s”) signed an advertising agreement with Simmons Boards (“Owner”) for billboard advertising rights along Route 33 in the town of Hampton. Frankie’s has the right to select and display advertising copy on billboard panels numbered 10 and 12 (panel numbers correspond to designated billboard locations) for a 3-year period from Jan. 1, 20X1, to Dec. 31, 20X3. In consideration for these rights, Frankie’s agrees to pay $10,000 in year 1, $12,000 in year 2, and $13,000 in year 3. Assume that Frankie’s is required to pay the annual fee on Jan. 1 of each contract year. Assuming Frankie’s incremental borrowing rate is 5%, what are the entries Frankie should record at inception of the contract, then at the end of years 1, 2, and 3?4. Making the Cheese Refer to the previous case study. Now evaluate the entries that Simmons Boards should record at inception of the advertising agreement with Frankie’s, as well as at the end of each contract year

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