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Christine and Jeff Callahan Have Just Had Their First Child

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Christine and Jeff Callahan have just had their first child, a healthy baby girl whom they named Maeve. The day after Maeve is born, the nurse takes a small blood sample from Maeve's heel to test for an elevated concentration of the amino acid phenylalanine in her blood. The nurse tells Christine that this test can detect phenylketonuria (PKU), a disease in which the body cannot convert phenylalanine into tyrosine. Children with untreated PKU have high concentrations of phenylalanine in their blood, causing severe, irreversible mental retardation in the first year of life. Therefore, it is critical that PKU be diagnosed early, so babies with the disease can be fed a diet that contains only the phenylalanine they need to build proteins. 1. In PKU why are there abnormally high concentrations of phenylalanine in the blood?
2. Is it possible for a baby to inherit this disease even if neither parent has PKU? Briefly explain.


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FVTPL

Fair Value Through Profit or Loss, an accounting strategy whereby financial assets are valued at their current market price, with changes in fair value recorded in the profit or loss statement.

Equity Method

An accounting technique used by a company to record its investment in another company when it has significant influence but not complete control.

Unrealized Gains And Losses

Gains and losses that have occurred on paper, but the corresponding financial assets have not yet been sold or realized.

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Shares that grant the holder the right to vote on company matters, typically at shareholder meetings.

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