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  Access the FASB Accounting Standards Codification at the FASB website (www

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Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine the specific citation for accounting for each of the following items: Disclosure requirements for maturities of long-term debt. How to estimate the value of a note when a note having no ready market and no interest rate is exchange for a noncash asset without a readily available fair value. When the straight-line method can be used as an alternative to the interest method of determining interest. The balance sheet of Indian River Electronics Corporation as of December 31, 2015, included 12.25%, bond having a face amount of $90 million. The bonds had been issued in 2008 and had a remaining discount of 53 at December 31, 2015. On January 1, 2016, Indian River Electronics called the bonds before their maturity at the call price of 102. Required: Prepare the journal entry by Indian River Electronics to record the redemption of the bonds at January 1. 2016. On January 1, 2016, Gless Textiles issued $12 million of 9%, 10-year convertible bonds at 101. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 40 shares of Gless's stock. Bonds that are similar in all respects, except that they are nonconvertible, currently are selling 99 (that is., 99% of face amount). Century services purchased 10% of the issue as an investment. Required: Prepare the journal entries for the issuance of the bonds by Gless and the purchase of the bond investment by Century. Prepare the journal entries for the June 30, 2020, interest payment by both Gless and Century assuming both use the straight-line method. On July 1. 2021, when Gless's common stock had a market price of $33 per share. Century converted the bonds it held. Prepare the journal entries by both Gless and Century for the conversion of the value method). Refer to the situation described in the previous exercise. Required: How might your solution to requirement 1 for the issuer of the bonds differ if Glass Textiles prepare its from statements according to International Financial Reporting Standards? Include any appropriate journal your response.