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Case Study: You are an accountant for Lanthier Company. Lanthier's president calls you into the office and says, "We have to find a way to reduce our pension costs. They are too high, and they are making us uncompetitive against our foreign competitors whose employees have state-funded pensions. I think we might have to abandon our defined benefit plan, but I know the employees would not be happy about that. I was also thinking that perhaps we could raise the discount rate we use up to the high end of the acceptable range. I also think we need a trustee who will pursue a more aggressive investment strategy for the pension funds; that way we can raise our expected rate of return."
Question: From financial reporting and ethical perspectives, discuss the issues raised by this situation
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Janine's employer loaned her $5,000 this year (interest-free) to buy a used car. If the federal interest rate was 4%, Janine recognizes $200 of taxable interest income. Janine's employer recognizes $200 of deductible interest expense. Janine recogniz..
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