Respuesta :
Liabilities should be reported by Mangelo at carrying value and the fair value of the liabilities should be included in a remark to the financial statements.
What are financial statements?
A corporation, a person, or another entity's financial operations and position are formally recorded in financial statements (also known as financial reports). The purpose of financial statements is to give information about an organization's financial situation, performance, and changes in financial position that is helpful to a wide range of users in making economic decisions. The reported assets, liabilities, equity, revenue, and expenses have a direct impact on an organization's financial situation. An audit of a public company's financial statements is typically necessary for investment, financing, and tax reasons, though laws vary from nation to country. Typically, independent accounting organizations or auditing companies carry out these tasks.
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