Intermediate Accounting Volume 2,11th Canadian Edition Solution Manual
CHAPTER 14
LONG-TERM FINANCIAL LIABILITIES
ASSIGNMENT CLASSIFICATION TABLE
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Topics |
Brief Exercises |
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1. |
Understand the nature of long-term debt. |
1, 2 |
1, 2 |
1, 2 |
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2. |
Understand how long-term debt is measured and accounted for. |
3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18 |
3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18 |
1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 13 |
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3. |
Recognition and derecognition of debt and debt restructurings. |
19, 20, 21 |
17, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28 |
6, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20 |
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4. |
Presentation of long-term debt. |
24 |
16, 18, 29, 30 |
2, 8, 10 |
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5. |
Disclosure requirements. |
31 |
9, 10 |
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6. |
Long-term debt analysis. |
25 |
7 |
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7. |
Differences between IFRS and ASPE. |
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NOTE: If your students are solving the end-of-chapter material using a financial calculator or an Excel spreadsheet as opposed to the PV tables, please note that there will be a difference in amounts. Excel and financial calculators yield a more precise result as opposed to PV tables. The amounts used for the preparation of journal entries in solutions have been prepared from the results of calculations arrived at using the PV tables.
ASSIGNMENT CHARACTERISTICS TABLE
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Level of Difficulty |
Time |
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E14-1 |
Features of long-term debt. |
Simple |
10-15 |
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E14-2 |
Information related to various bond issues. |
Simple |
35-45 |
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E14-3 |
Entries for bond transactions. |
Simple |
15-20 |
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E14-4 |
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Entries for bond transactions—effective interest. |
Simple |
15-20 |
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E14-5 |
Entries for bond transactions—straight-line. |
Simple |
15-20 |
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E14-6 |
Entries for noninterest-bearing debt. |
Simple |
15-20 |
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E14-7 |
Imputation of interest. |
Simple |
15-20 |
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E14-8 |
Instalment note. |
Moderate |
15-20 |
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E14-9 |
Purchase of equipment with noninterest-bearing debt. |
Moderate |
15-20 |
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E14-10 |
Purchase of equipment with noninterest-bearing debt. |
Moderate |
15-20 |
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E14-11 |
Entries for bond transactions. |
Moderate |
15-20 |
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E14-12 |
Amortization schedule—straight-line. |
Simple |
15-20 |
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E14-13 |
Amortization schedule—effective interest. |
Simple |
15-20 |
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E14-14 |
Determine proper amounts in account balances. |
Moderate |
15-20 |
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E14-15 |
Government interest free loan |
Moderate |
15-20 |
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E14-16 |
Entries and questions for bond transactions. |
Moderate |
20-30 |
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E14-17 |
Entries for retirement of bonds. |
Simple |
10-15 |
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E14-18 |
Entries for retirement and issuance of bonds – straight line. |
Simple |
15-20 |
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E14-19 |
Entries for retirement and issuance of bonds – effective interest. |
Complex |
30-35 |
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E14-20 |
Entry for retirement of bond; bond issue costs. |
Moderate |
20-25 |
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E14-21 |
Entries for retirement and issuance of bonds. |
Simple |
15-20 |
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E14-22 |
Impairments. |
Moderate |
15-25 |
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E14-23 |
Settlement of debt. |
Moderate |
15-20 |
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E14-24 |
Term modification debtor’s entries. |
Moderate |
20-30 |
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E14-25 |
Term modification creditor’s entries. |
Moderate |
25-30 |
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E14-26 |
Settlement debtor’s entries. |
Moderate |
25-30 |
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E14-27 |
Settlement creditor’s entries. |
Moderate |
20-30 |
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E14-28 |
Debtor/creditor entries for modification of troubled debt. |
Moderate |
20-25 |
ASSIGNMENT CHARACTERISTICS TABLE (CONTINUED)
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Level of Difficulty |
Time |
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E14-29 |
Classification of liabilities |
Simple |
15-20 |
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E14-30 |
Classification. |
Simple |
15-20 |
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E14-31 |
Long-term debt disclosure. |
Simple |
10-15 |
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P14-1 |
Entries for noninterest-bearing debt; payable in instalments. |
Moderate |
30-35 |
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P14-2 |
Contrasting note terms. |
Complex |
50-60 |
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P14-3 |
Analysis of amortization schedule and interest entries |
Simple |
15-20 |
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P14-4 |
Issuance and retirement of bonds. |
Moderate |
25-30 |
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P14-5 |
Comprehensive bond problem. |
Complex |
50-65 |
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P14-6 |
Issuance of bonds between interest dates, straight-line, retirement. |
Complex |
30-35 |
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P14-7 P14-8 |
Entries for noninterest-bearing debt. Classification of accounts used in bond issuance |
Simple Moderate |
15-25 55-65 |
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P14-9 |
Issuance and retirement of bonds; income statement presentation. |
Simple |
15-20 |
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P14-10 |
Comprehensive problem; issuance, classification, reporting. |
Moderate |
20-25 |
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P14-11 |
Issuance of bonds between interest dates, effective interest, retirement. |
Complex |
30-35 |
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P14-12 |
Entries for life cycle of bonds. |
Moderate |
20-25 |
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P14-13 |
Bonds at discount and premium incl. partial redemption |
Complex |
45-50 |
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P14-14 |
Loan impairment entries. |
Moderate |
30-40 |
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P14-15 |
Debtor/creditor entries for continuation of troubled debt. |
Moderate |
15-25 |
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P14-16 |
Restructure of note under different circumstances. |
Complex |
50-60 |
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P14-17 |
Debtor/creditor entries for continuation of troubled debt. |
Complex |
40-50 |
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P14-18 |
Entries for troubled debt restructuring. |
Moderate |
30-35 |
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P14-19 P14-20 |
Debtor/creditor entries for continuation of troubled debt with new effective interest. Legal versus in-substance defeasance |
Complex Moderate |
40-50 15-20 |
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