P12.11 (LO 3) Writing (Loss Contingencies: Entries and Essays) Polska Corporation, in preparation of its December 31, 2025, financial statements, is attempting to determine the proper accounting treatment for each of the following situations. 1. As a result of uninsured accidents during the year, personal injury suits for $700,000 and $120,000 have been filed against the company. It is the judgment of Polska's legal counsel that an unfavorable outcome is unlikely in the $120,000 case but that an unfavorable verdict approximating $500,000 (reliably estimated) will probably result in the $700,000 case. 2. Polska owns a subsidiary in a foreign country that has a book value of $5,725,000 and an estimated fair value of $9,500,000. The foreign government has communicated to Polska its intention to expropriate the assets and business of all foreign investors. On the basis of settlements other firms have received from this same country, Polska expects to receive 40% of the fair value of its properties as final settlement. 3. Polska's chemical product division consisting of five plants is uninsurable because of the special risk of injury to employees and losses due to fire and explosion. The year 2025 is considered one of the safest (luckiest) in the division's history because no loss due to injury or casualty was suffered. Having suffered an average of three casualties a year during the rest of the past decade (ranging from $60,000 to $700,000), management is certain that next year the company will probably not be so fortunate. Instructions a. Prepare the journal entries that should be recorded as of December 31, 2025, to recognize each of the situations above.

Payable to Company Founder Jensen Inc. has a $500,000 note payable due to its founder, Jen Jensen. Ms. Jensenis recently deceased and has no heirs that Jensen Inc.’s executive team is aware of. The company has asked for yourhelp to determine whether it is appropriate to derecognize the liability from its financial statements.Required:1. Respond to Jensen Inc. Describe the applicable guidance requirements, including excerpts as needed to supportyour response.2. Next, explain how you located the relevant guidance, including the search method used and which section yousearched within the appropriate topic

Sawyer and Sawyer, CPAs, audited the financial statements of Rattler Corporation that were included in Rattler’s Form 10-K, which was filed with the SEC. Subsequently, Rattler Corporation went bankrupt and the stockholders of the corporation brought a class-action lawsuit against management, Sawyer and Sawyer, and the corporation’s board of directors and attorneys for misstatements of the financial statements. Assume that the jury in the case decides that responsibility for $5 million in losses should be allocated as follows:   Management 70% Board of directors 20 Auditors 5 Attorneys 5   100%  Under what securities act would the stockholders initiate this lawsuit?   Assuming that all the defendants in the case are financially able to pay their share of the losses, calculate the amount of losses that would be allocated to Sawyer and Sawyer.   Assuming that management had no financial resources, describe how Sawyer and Sawyer’s share of the losses might be increased.

i have completed this in excel but would like to compare my answers

Godo