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Hyrule Corp. began operations in 2020. For 2020, Hyrule’s pretax accounting income was $290,000, which includes expenses of $13,000 related to tax-exempt municipal bond income and $7,000 of insurance premiums on a life insurance policy for a key officer. Hyrule uses a different depreciation method for financial reporting than it does for tax purposes. Hyrule’s depreciable assets were all purchased on January 1, 2020 for a cost of $800,000. At December 31, 2020, the carrying value of all the depreciable assets was $780,000 and the tax basis was $765,000. This depreciation difference will reverse in a period after 2022. Hyrule offers a two-year warranty on its products. During 2020, the product warranty liability accrued for financial reporting purposes was $150,000 and the amount paid for the satisfaction of warranty liability was $80,000. Hyrule expects to settle the remaining amount equally over the next two years. As of December 31, 2020, the enacted tax rates are 35% for 2020, 40% for 2021, and 45% thereafter. For 2021, Hyrule’s pretax accounting income was $405,000, which includes $150,000 proceeds from a life insurance policy taken out on a key officer of Hyrule. Hyrule also qualified for a dividends received deduction for tax purposes of $10,000. Hyrule’s pretax financial income included $25,000 of installment sales income that has yet to be collected. This income is expected to be collected evenly over the next two years. Hyrule continues to use a different depreciation method for financial reporting than it does for tax purposes. At December 31, 2021, the carrying value of all the depreciable assets was $760,000 and the tax basis was $740,000. As before, this depreciation difference will reverse in a period after 2022. The remaining differences between pretax accounting income and taxable income are due to any reversals of the 2020 temporary differences. The tax rate for 2021 was 40%, but legislation was enacted on June 20, 2021 that will change the tax rate in future years to 41%. In 2021, management of Hyrule determined that it is more likely than not that 34% of the related deferred tax asset will not be fully realized because of pending changes in IRS regulations. Round all dollar amounts to the nearest dollar. Required:  Use the field below to prepare the necessary journal entries regarding Hyrule’s income taxes for the following years: 2020 2021 Failure to correctly date or label your entries will result in a loss of points. For each year, show well-labeled computations for the taxable income, income tax payable, and the beginning balance, ending balance, and change in the deferred tax accounts. Failure to show these computations will result in a loss of points.

If you would like to use the Time Value Tables, they are provided below for reference. TVOM_Tables.pdf

On January 1, 2020, Thor Co. issued a 4-year, $750,000, 6% fixed interest note at par, with interest payable semiannually on June 30 and December 31. Thor now wants to change the note to a variable rate note. As a result, on January 1, 2021, Thor enters into an interest rate swap where it agrees to receive 6% fixed and pay the LIBOR rate on a notional amount of $750,000. At each 6-month period, the variable rate will be reset and will be used to determine the variable rate to be paid for the following six-month period. The LIBOR rate is 6.6% on January 1, 2021 and 5.6% on June 30, 2021. The fair value of the swap was $0 on January 1, 2021 and $30,000 on June 30, 2021. The fair value of the note was $750,000 on January 1, 2021 and $780,000 on June 30, 2021. Required:  Answer the following questions based on the information above. In your response, be sure to specify which question you are answering by numbering your responses (1, 2, or 3). Assuming that all requirements for hedge accounting are met, what is the correct hedging classification (type) for this internet rate swap? Use the field below to prepare all the necessary journal entries made by Thor with regard to the information above on January 1, 2021. If no entry is necessary, write “No entry necessary”.  Use the field below to prepare all the necessary journal entries made by Thor with regard to the information above on June 30, 2021. If no entry is necessary, write “No entry necessary”.  Failure to correctly date (or reference which question number you are answering) will result in a loss of points.

Medicare generally pays for hearing aids when they are needed.  

Comprehensive eye exams for those age 65 years and older should occur every:

Which of the following is required when making a diagnosis of COPD in an older adult?

Unless contraindicated, a beta blocker should be part of medication management in older adults post MI:

An 85 year old male reports to the nurse practitioner that he is “having trouble with his eyes”.  He reports his color perception has changed as well as he just doesn’t seem to be able to see as well as before.  He has a 30 pack year tobacco history, asthma with at least one episode each year requiring a prednisone burst  and type 2 diabetes with last A1C 7.2.  The nurse practitioner considers the most probable diagnosis based on his past medical history and symptoms as:

A 72 year old male complains to the nurse practitioner that the nail on his left great toe is painful.  On exam, the nurse practitioner finds the following:      The nurse practitioner understands the following:   SELECT ALL THAT APPLY

Which of the following statements concerning macular degeneration is true?