During his eight years as steward of the world’s largest economy, Mr. Bernanke’s salary was about $200,000 a year. Now he makes that in just a few hours speaking to bankers, hedge fund billionaires and leaders of industry.

Questions:
1. How much is Mr. Bernanke likely to make this year in speaking fees?
2. What is the range of fees that Mr. Bernanke charges for speaking engagements?
3. What type of form should Mr. Bernanke receive for tax reporting purposes?
4. How should companies report these fees in their financial statements (give the journal entry)?

Source:
Stevenson, A. After Fed, Bernanke Offers His Wisdom, for a Big Fee. The New York Times, May 20 (Retrievable online at http://dealbook.nytimes.com/2014/05/20/after-fed-bernanke-offers-his-wisdom-for-a-big-fee/?_php=true&_type=blogs&hp&_r=0)