The caldwell herald newspaper reported the following story: frank ormsby of caldwell is the state’s newest millionaire. by choosing the six winning numbers on last week’s state lottery, mr. ormsby has won the week’s grand prize totaling $1.12 million. the state lottery commission has indicated that mr. ormsby will receive his prize in 20 annual installments of $56,000 each. click here to view exhibit 11b-1 and exhibit 11b-2, to determine the appropriate discount factor(s) using tables. required: 1. if mr. ormsby can invest money at a 8% rate of return, what is the present value of his winnings? (use the appropriate table to determine the discount factor(

The following selected circumstances relate to pending lawsuits for erismus, inc. erismus’s fiscal year ends on december 31. financial statements are issued in march 2019. erismus prepares its financial statements according to u.s. gaap. required: indicate the amount erismus would record as an asset, liability, or not accrued in the following circumstances. 1. erismus is defending against a lawsuit. erismus's management believes the company has a slightly worse than 50/50 chance of eventually prevailing in court, and that if it loses, the judgment will be $1,000,000. 2. erismus is defending against a lawsuit. erismus's management believes it is probable that the company will lose in court. if it loses, management believes that damages could fall anywhere in the range of $2,000,000 to $4,000,000, with any damage in that range equally likely. 3. erismus is defending against a lawsuit. erismus's management believes it is probable that the company will lose in court. if it loses, management believes that damages will eventually be $5,000,000, with a present value of $3,500,000. 4. erismus is a plaintiff in a lawsuit. erismus's management believes it is probable that the company eventually will prevail in court, and that if it prevails, the judgment will be $1,000,000. 5. erismus is a plaintiff in a lawsuit. erismus’s management believes it is virtually certain that the company eventually will prevail in court, and that if it prevails, the judgment will be $500,000.