Chapter 14, Problem 14.22E

(1)

To determine

Financial Accounting Standards Board (FASB)

FASB is an independent 7 member board, of accounting professionals overseeing the creation of financial statement. FASB standards are generally known as GAAP.

To Determine: The Specific citation for accounting disclosure requirements of maturities of long – term debt.

(2)

To determine

The estimation of the value of note having no ready market, and no interest rate is exchanged for a noncash asset without a readily available fair value.

(3)

To determine

The straight – line method can be used as an alternative to the interest method of calculating interest.