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1. Fair Value Measurement Issues assume the same information as in E17-19 for Lilly Company. In addition, assume that the investment in the Woods Inc. stock was sold during 2011 for $195,000. AtDecember 31, 2011, the following information relates to its two remaining investments of common stock. Net income before any security gains and losses for 2011 was $905,000.
(a) Compute the amount of net income or net loss that Lilly should report for 2011, taking into consideration Lilly's security transactions for 2011.
(b) Prepare the journal entry to record unrealized gain or loss related to the investment in Arroyo Company stock at December 31,2011.
Examine BA's note 23, dealing with trade receivables. Do any aspects of that note appear unusual to you from the perspective of U.S. GAAP? Explain.
What adjustments should be made to net present value to account for inflation?
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