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Bennett Construction Ltd. (Bennett ) was founded 10 years ago by Peter Woodward, a carpenter and entrepreneur. Bennett is a growing construction company, building houses and doing major renovations for residential customers throughout the greater Toronto area. Peter is the president and sole common shareholder of the company. Bennett approached its credit union in early 2020 to increase its long-term debt to finance the purchase of equipment. A great deal of Bennett's equipment had been showing the strain of increased use and its efficiency was slipping. The credit union agreed to finance this purchase using the new equipment as collateral but has imposed a reasonably stringent debt to equity covenant. The credit union also requires audited financial statements. In the fall of 2020, Peter met Lynn Morgan, a partner with Morgan and Penny, Professional Accountants LLP (MP), and hired MP as the auditor. You work as a staff accountant at MP. Bennett has a fiscal year-end of 31 December 2020. Prior statements have not been audited and have been prepared solely for preparation of Bennett's tax return. Earnings in recent years have averaged $ 300,000. In a meeting with Peter recently, you took down the following notes regarding certain transactions which Peter has asked you to comment on the accounting policies that should be adopted.
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