Construct record a liability for environmental liabilities

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Answer each of the questions below using both US GAAP and IFRS. Please provide all necessary support to your answers.

Question 1: In 2007, at the time of the purchase, should Construct record a liability for environmental liabilities? If so, how much?

Question 2: In 2008, should the company record any liability due to BigMix filing for Chapter 11? If so, how much?

Question 3: In 2009, should the company record any liability for the potential environmental liability? If so, how much?

Question 4: In 2010, should the company record any liability for the potential environmental remediation? If so, how much?

Question 5: In 2011, should the company record any additional liability for the potential environmental remediation? If so, how much?

Question 6: In 2012, should the company record any gain contingency/contingent asset for the potential settlement? If so, how much?

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Reference no: EM13720395

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