6.6. Arena Advertising Burger Bills, a national fast-food restaurant, purchases advertising rights to advertise in-ice during hockey games at Jensen Arena. Recall that Jensen Arena is still owned by

6.6.  Arena Advertising Burger Bills, a national fast-food restaurant, purchases advertising rights to advertise in-ice during hockey games at Jensen Arena. Recall that Jensen Arena is still owned by the town of Springfield. In exchange for $60,000 per season, Burger Bills’ logo will be displayed in the center ice for all games held at the Arena for 2 consecutive seasons. Burger Bills must pay for these rights at the beginning of each season. Four logos are displayed in the center ice at any given time, and Burger Bills’ logo will be displayed per the contract in the upper-right location. a. How should Burger Bills account for these advertising rights? b. How should Jensen Arena account for the advertising rights? c. Still responding from Jensen Arena’s perspective, now assume that Burger Bills was also granted 2 club-level seats to each game during the season (20 games), for both years of the contract. Purchased without advertising rights, these seats have a face value of $2,500 each, per season. Describe how this affects the recognition of Jensen Arena’s revenueRespond to the following in complete sentences and cite your source. If you have to make any assumptions in your response, state what you assumed. Responses should primarily come from the Codification, unless otherwise noted.Scope Exercises1. Does the Research and Development—Overall topic within the Codification apply to activities that are unique to entities in the extractive industries, such as exploration? Explain or cite from the relevant paragraph.  2. Does the Income Taxes topic apply to an entity’s operations that are accounted for under the equity method? Explain. 3. Within the scope section of ASC 815-10 (Derivatives), which guidance comes first—the definition of a derivative, or scope exceptions to this topic? Explain. 4. What is an example of a transaction that does not qualify as a lease (and is thus excluded from the scope of lease accounting)?  5. Which entities are subject to Earnings Per Share guidance within the Codification? 6. Is environmental contamination incurred in the normal operation of a long-lived asset within the scope of the Codification’s Environmental Obligations guidance? 7. A company has entered into a forward contract for the purchase of gold, in 2 years, for $1300/oz. Does this arrangement meet the definition of a derivative? Analyze all required parts of the definition. (You may simply refer to the guidance excerpts included within this chapter to respond.) 8. Name three examples of organizations that are within the scope of

Save Time On Research and Writing
Hire a Pro to Write You a 100% Plagiarism-Free Paper.
Get My Paper
Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our Guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Online Class Help Services Available from $100 to $150 Weekly We Handle Everything