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Prepare a summarize memo into an organization ethical duty

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Reference no: EM132917639

Question - Incorporated is a publicly traded company that has a calendar year end. During the year 2020, the company had the transactions listed below. Greenfield Incorporated has several liability transactions. The CEO of the company needs to determine the financial effects of these transactions. The company plans to issues 10-year bonds as follows: * Dated December 31, 2020/ $7,000,000. The bonds were finally issued on April 1,2021 at par value plus accrued interest. Interest payments are made semi-annually on June 30, and December 31. Greenfield can call at anytime at 102. The organization is also involved in a lawsuit. The case is with the Environment Protection Agency EPA. The EPA sued the company for$2,000,000 in damages. The lawsuit claims that organization illegally dumped harmful chemicals in an area that polluted the residents water supply. The lawsuit is not expected to be resolved for 2 years. Greenfield's attorneys believe it is possible that the company could lose the case.

1. Prepare a summarize memo into an organization's ethical duty band on reporting loss contingencies in the financial statement.

2. Discuss ethical problems that could exist with valuing the liability.

3. What are the legal disclosure requirements for the company?

Reference no: EM132917639

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