You should create a scenario for 4 separate transactions that address the following issues from Chapters 10 and 11 (you can have a separate sheet for each scenario or one sheet that includes them all): A. Cash purchase of a long-term asset that includes an asset retirement obligation, B. One self-constructed asset that will not be completed by the end of the year which includes at least 2 expenditures during the fiscal year, C. One impairment of either goodwill or another long-term asset that is held and used, D. Depreciation for each remaining quarter – you pick a method as if it had been in place and record entries for 2nd, 3rd, and 4th quarter. Use an appropriate existing expense account or add a depreciation expense account.

In year 1, the bennetts' 25-year-old daughter, jane, is a full-time student at an out-of-state university but she plans to return home after the school year ends. in previous years, jane has never worked and her parents have always been able to claim her as a dependent. in year 1, a kind neighbor offers to pay for all of jane's educational and living expenses. which of the following statements is most accurate regarding whether jane's parents would be allowed to claim an exemption for jane in year 1 assuming the neighbor pays for all of jane's support? a. no, jane must include her neighbor's gift as income and thus fails the gross income test for a qualifying relative. b.yes, because she is a full-time student and does not provide more than half of her own support, jane is considered her parent's qualifying child. c.no, jane is too old to be considered a qualifying child and fails the support test of a qualifying relative. d.yes, because she is a student, her absence is considered as "temporary." consequently she meets the residence test and is a considered a qualifying child of the bennetts.