Question

ation Conversations books/9781260466492/cfi/6/30!/4/2/38/6/12/36/2@0:65.5 will be deirverea on January 3U, Year z, ana tne company does not peiieve it will ve apie to seil the nay to a tnira parry Cnaney Horse is abie to cancel the contract with Good Feed for a cancellation fee of $20,000. Required: Determine what acounting entries If any. Charley Horse Company should make on December 31, Year 1, related to the contract to purchase 1,000 bales of hay on January 30, Year 2 19. The board of directors of Chestnut Inc approved a restructuring plan on November 1, Year 1 . On December 1, Year 1, Chestnut publicy announced its plan to close a manufacturing division in New Jersey and move it to China and the company's New notified that their jobs would be eliminated. Also on December 1, Year 1, to ensure an orderty transition, management bonus of $10,000 to any employee who remains with the company until his or her position is terminated in the fourth quarter of Year 2 Chestnut estimates it will pay termination bonuses to 120 employees at the end of Year 2, for a total of $1,200,000. The present value of the estimated termination bonus is $1,000,000. dlers syo mised a promised a termination 1 page 203 Required: Determine the provision that should be recognized for Chestnut's restructuring plan. Identify the dates on which journal entries should be made and the amounts to be recorded 20. The Kissel Trucking Company Inc. has a defined beneft pension plan for its employees. At December 31, Year 1, the tolowing information is available regarding Kissel's plan $30,000,000 Fair value of plan assets

Answer 1

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