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The manufacturers of Brighten mouthwash have planned an advertising campaign that includes these commercials:
The rates are $2800 for a 30-second daytime commercial and$13,500 for a 30-second prime-time commercial. What is the cost of the advertising campaign?
Companies often invest in the common stock of other corporations. The way we report these investments depends on the nature of the investment and the investor’s motivation for the investment. The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. Obtain the relevant authoritative literature on the disclosure of accounting policies using the FASB Accounting Standards Codification at the FASB website (www.fasb.org).
What is the specific nine-digit Codification citation (XXX-XX-XX-XX) that describes how to account for a change in the level of ownership to a percentage that will mandate use of the equity method for investments in common stock?
What are the specific requirements?
Can Student Loans Be Discharged in Bankruptcy? In July 1991 Robert Ardis consolidated his student loans into one loan totaling $23,756. He made 14 payments totaling approximately$2,700 until August, 1994, when he stopped paying the loan. In April of 1995, his account went into default. Ten years later, in 2005, the amount, with interest, had increased to $70,600. In 2005, Mr. Ardis sought to have his student loan debt discharged in bankruptcy. He had previously ﬁled for bankruptcy in 1995 and 2003. Both times, the bankruptcy court declined to discharge his student loans. Mr. Ardis, a single father, worked as a teacher at an annual salary of$40,000 and did not anticipate any salary increases in the near future. His offer to pay a lump sum of $8,000 was rejected. Student loan debt is not normally dischargeable in bankruptcy, but can be if the debtor demonstrates three things: 1) that the debtor could not maintain a minimal standard of living if forced to repay the loans; 2) that the debtor’s ﬁnancial situation is likely to persist into the future; and 3) the debtor has made good faith efforts to repay the loan.
Source: Ardis v. Educational Management Corp., 2006 WL 931563(D.S.C. 2006)
Should Mr. Ardis’s student loan debt be discharged?