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At December 31, 2020, Sage Hill Incorporated has a bond payable due September 1, 2021, with a carrying value of $2,098,000 (based on amortized cost) and a current value of $2,250,000. The interest payable as at December 31, 2020, is $76,000.
Problem 1: Show how the above amounts should be presented on the December 31, 2020 SFP, and with the proper classifications. The company uses amortized cost.
Discuss the issues that the company must consider in making this decision. Using the current level of sales, compute the margin of safety ratio under each approach and interpret your findings.
Explain why need the 'Lower of Cost and Net Realizable value' rule. Why is it necessary? What definitions or principles under the Conceptual Framework
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