LRIF and LIF Accounts Represent a Conversion Decision at Age

question 84

Multiple Choice

LRIF and LIF accounts represent a conversion decision at age 71 for LIRA and locked-in RRSP accounts. Which of the following is true?

• A)LRIFs and LIFs can be cashed in but will be fully taxed.
• B)Some provinces have LIFs and some have LRIFs.
• C)At age 80, LRIF funds must be used to purchase a life annuity.
• D)LRIFs and LIFs have the same withdrawal schedule throughout the retirement years.

Calculate the effects of stock transactions on retained earnings.

Understand the different dates associated with dividends (declaration, record, and payment).

Understand the concepts of stock issuances and their impact on shareholders' equity.

Analyze and prepare journal entries related to stock transactions including reacquisition and resale of treasury stock.

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