<span>This is the execution step. The five PR execution steps are Report, Locate, Support, Recover, and Reintegrate. The Report step involves reporting events. The Locate step involves locating efforts, beginning with the initial report and continuing until recovery is complete. The Support step is about giving support to IMDC personnel. The Recovery task ends after the IMDC personnel are handed over to the medical personnel for reintegration. Reintegration ends when a person is returned to duty with no further care needed.</span>
Answer:
Moonligh Bay Resorts will report a Non-current liability of $126 million
Explanation:
The question is to determine whether Moonlight Bay Resorts is to report an asset (current or non-current) or a liability (current or non-current) in its December 31st 2021 Balance Sheet
The step is to determine the classification of the items in the balance sheet
This is done as follows
Description Amount ($)
Total Deferred Tax liability (168 million + 120 million) 288 million
(Deferred tax liabilities related to
both current and non-current assets)
Total Deferred tax asset (102 million + 60 million) (162 million)
The net deferred tax liability 126 million
Since, under the International Financial Reporting Standards Deferred Tax Liability is a Non-current liability, it means <u>Moonligh Bay Resorts will report a Non-current liability of $126 million</u>
In the given case, bank is not consider as holder in due course because here it will act as intermediary who collected amount from company's account.
<h3>What is holder in due course?</h3>
A holder in due course refers to an individual who have the authority to hold the negotiable instrument in good faith.
This holder in due course will be referred to as the person who have received or given something in exchange for the instrument.
When any individual receives a gift from someone, then it will not be considered as holder in due course because he had not given any value in exchange.
So yes, in this situation when the CEO stole money from the company by writing a series of checks and withdrawing it in a personal account at the bank. Bank will be not be considered as holder in due course due to intermediary role.
Learn more about holder in due course, here:
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Answer:
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