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What accounting recognition should be accorded the situation

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Problem 1: Ortiz Corporation, a manufacturer of household paints, is preparing annual financial statements at December 31, 2013. Because of a recently proven health hazard in one of its paints, the government has clearly indicated its intention of having Ortiz recall all cans of this paint sold in the last six months. The management of Ortiz estimates that this recall would cost P800,000. What accounting recognition, if any, should be accorded this situation?

Problem 2: Bangalor Company issues Rs10,000,000, 8%, 10-year bonds at 96.5 on July 1, 2017. Interest is paid on July 1 and January 1. The journal entry to record the issuance will include

Reference no: EM132628386

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