1 point 7. Investment property shall be measured initially at cost. Subsequently, investment property shall be measured at * Fair value O Cost less accumulated depreciation and any accumulated impairment losses Either fair value or cost less accumulated depreciation and any accumulated impairment losses O Either fair value or cost 1 point 8. BM Co did not amortize the discount on its short-term bond investment. What effect would this have of the carrying value of the investment and on net income, respectively? * O overstated, overstated O understated, overstated O understated, understated O no effect, no effect 1 point 9. Government grant shall be recognized when there is reasonable assurance that: * O The grant will be received O The entity will comply with the conditions of the grant and the grant will be received The entity will comply with the conditions of the grant O The grant must have been received 1 point 10. Net realizable value is * O Current replacement cost O Expected selling price less expected cost to complete and expected cost of disposal O Estimated selling price less estimated cost to complete and estimated cost of disposal O Estimated selling price