01 Jul Case Assignment
Question Description
– For this assignment, please read the attached case and complete the questions at the end (All of them). Responding to the requirements will likely require additional research. That is, the case material is insufficient.
– Requirements requesting a journal entry or a numerical answer will be graded on their correctness. Responses for the other requirements will require 1 – 2 paragraphs each.
– Amortization of discounts and premium is considered material; Larkin therefore uses the effective interest method.
– Larkin records fair value adjustments using a portfolio approach.
– Requirement 1 – This bond matures in 20 years on December 31, 2024. The bond pays interest annually on January 1 with the first payment on January 1, 2006. The final payment of principal and interest is made on December 31, 2024 . You will need to compute the proceeds received when the bond was issued.
– Requirement 3a – this relates to the portfolio.
Below is the grading criteria. Please take this into consideration when answering the questions.
Requirement 1
Journal entry is correct; amortization table provided.
Requirement 2a
Journal entry is correct
Requirement 2b
Regulatory capital effect properly computed.
Requirement 3a
Journal entry is correct
Requirement 3b
Journal entry is correct
Requirement 3c
Regulatory capital effect properly computed.
Requirement 3d
Regulatory capital effect properly computed for incorrect accounting.
Requirement 3e
Discussion of intentional misreporting.
Requirement 4
Banking motivation for move to fair value accounting.
Requirement 5
Provide insight on why FVO is irrevocable.
Requirement 6
Explanation for counterintuitive accounting treatment for fluctuations in fair value of financial liabilities.
Requirement 7
Reasons for regulators preventing the bank from repurchasing stock.
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