1. On July 1, 2019, TBT Corporation acquired an investment at amortized cost in BTB Companys 10-yr, 12% bonds, with face value of 4,000,000 for 4,386,300. Interest is payable semi-annually on January 1 and July 1. The bonds mature on July 1, 2024. Bonds effective rate is 10%. On December 31, 2020, TBT sold its debt instrument at 110. What amount of gain should TBT corporation recognize as a result of the disposal?

2. XYZ Company acquired a building on January 1, 2019 for 8,000,000. At that date the building had a useful life of 30 years. On December 31, 2019, the fair value of the building was 8,600,000 and on December 31, 2020, the fair value is 8,800,000. The building was classified as an investment property and accounted for under the cost model. What amount should be carried in the statement of financial position for the year ended 2020?

3. MNY Company has a 4,000,000 life insurance policy on its CEO of which MNY is the beneficiary. Information regarding the policy for one year ended December 31, 2019 follows:Cash surrender value, 1/1/19 - 535,000; Cash surrender value, 12/31/19 - 640,000; annual advance premium paid for the year - 300,000. During 2019, dividends of 40,000 were applied to increase the cash surrender value of the policy. What should be the life insurance expense for 2019?

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