Erics Used Bookstore prepares its financial statements in accordance with IFRS. Inventory was purchased for 1 million

Question:

Eric’s Used Bookstore prepares its financial statements in accordance with IFRS. Inventory was purchased for £1 million and later marked down to £550,000. One of the books, however, was later discovered to be a rare collectible item, and the inventory is now worth an estimated £3 million. The inventory is most likely reported on the balance sheet at:

A. £550,000.

B. £1,000,000.

C. £3,000,000.

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