Problem regarding the restructuring program

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Reference no: EM131020518

At May 25, 2003, meeting, the Company approved a plan that a facility in Arkansas was to be closed on October 1, 2004, terminating 300 employees working there.One June 1, 2003, notified the employees of the restructuring plan. In order to encourage the employees to stay at the facility until the termination date, the company agreed to pay each employee $20,000 on April 1, 2005, six months after termination.Based on its traditional annual employee turnover of 80.5%, the company anticipated that 242 employees will collect the benefit. The present value factor of 0.98039 for the six-month period.1. In reporting to its U.K.- based on IFRS, provide all journal entries for June 1st 2004, June 30th 2004, October 31st 2004, Nov 30th 2004 for restructuring program.

Reference no: EM131020518

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