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Jensen Inc. has a $500,000 note payable due to its founder, Jen Jensen Ms. Jensen is recently deceased and has no heirs that Jensen Inc.'s executive team is aware of. The company has asked your help to determine whether it is appropriate to derecognize the liability from its financial statements.

Problem 1- Respond to Jensen Inc. Describe the applicable guidance requirements, including excerpts as needed to support your response. Please list section of ASC you found the answer.

Problem 2- Next, explain how you located the relevant guidance, including the search method used and which section you searched within the appropriate topic.

 

Reference no: EM132828186

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