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Problem 1: An entity that entered into a related party transaction would be required to disclose all of the following, except
a Nature of the relationship between the parties.
b. Nature of any future transactions planned between the parties and the terms involved.
c. Peso amount of the transaction.
d. Amount due from or to related parties at the end of reporting period.
Problem 2: Which is not required as a related party disclosure?
a. The son of the chief executive officer of the entity
b. The parent of the entity
c. An entity that has a common director with the entity
d. Joint venture in which the entity is a venturer
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