Codification
Accounting 5102Codification Research AssignmentSpring 2016The following three situations require students to access the Financial Accounting Standards Board’s (FASB) Codification to determine the proper accounting for lease transactions.This is a writing assignment as well as a research assignment.  In addition to preparing the proper journal entry (ies) you must explain your calculations and entries to the managements of the three companies.The managements of the three companies are non-accountants.  They know the basic elements of the financial statements such as revenues, expenses, assets, liabilities, income, depreciation, and equity, but they will not understand debits and credits and T accounts.No points will be awarded for entries and calculations that lack explanations.Whenever present value calculations are needed use the tables provided in the assignment.Papers must be typed, double-spaced, and presented in a college-level writing style.  Spelling, punctuation, grammar, sentence structure, and other grammatical errors will be penalized up to 20 points.When citing the Codification you should have a works cited page, showing the Codification as:Accounting Standards Codification (ASC), FASB, 2016.
Then, when you quote, or closely paraphrase, from the Codification follow the quote with a reference such as (ASC 230-25-45-10).Papers are due as indicated in the syllabus. Â Later papers will be penalized as discussed in the syllabus.Throughout the assignment round all amounts to the nearest dollar.Present Value of $1Periods2%3%4%5%6%8%10%12%1.98.97.96.95.94.93.91.892.96.94.92.91.89.86.83.803.94.92.89.86.84.79.75.714.92.89.85.82.79.74.68.645.91.86.82.78.75.68.62.566.89.84.79.75.70.63.56.508.85.79.73.68.63.54.47.4010.82.74.68.61.56.46.38.3216.72.62.53.46.39.29.21.1618.70.59.49.42.35.25.18.1320.67.55.45.38.31.21.15.10