21. According to IAS 16, a decrease in the carrying amount of a fixed asset...
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21. According to IAS 16, a decrease in the carrying amount of a fixed asset that is identified on an asset's first revaluation, after it is purchased, should be recorded as: A. an expense on the income statement. B. a prior period adjustment to retained carnings. C. a credit to Revaluation Surplus. D. a debit to Revaluation Surplus. The following information was taken from the fixed asset records of Bosco Ltd. as of December 31, 2010: Carrying value 100,000 Selling price 85,000 Costs of disposal 3,000 Expected future cash flows 75,000 Present value of expected future cash flows 63,000 22 Using IAS 36, what is the amount of impairment loss? A. 18,000 B, 37.000 C. 15.000 D. 25,000 23. What is the amount of impairment loss under U.S. GAAP? A. 37.000 B. 18,000 C. 15,000 D. 25,000 24. Using IAS 36, what is the recoverable amount? A. 685,000 B. 82.000 C. 63,000 D. 75.000
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