Reference no: EM132916297
Question - The company plans to issue 10-years bonds, as follows:
Dated: December 31, 2020. $7,000,000 face value of 6%. The bonds were finally issued on April 1, 2021 at par value plus accrued interest. Interest payments are made semi-annually on June 30 and December 31 Greenfield can call the bonds at any-time at 102. The organization is also involved in a lawsuit. The case is with the Environment Protection Agency (EPA).
The EPA sued the company for $2,000,000 in damages. The lawsuit claims that the organization illegally dumped harmful chemicals in an area that polluted the residents water supply. The lawsuit is not expected to be resolved for at least 2 years. Greenfield's attorneys believe it is possible that the company could lose the case.
1. In a 4 page memo, summarize the organization's ethical duty on reporting loss contingencies in the financial statements.
2. Discuss ethical problems that could exist with valuing the liability.
3. What are the legal disclosure requirements for the company?
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