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11. On September 30, 2016, a company issued bonds with par value of $100,000 for $103,000. Which of the following statement is not correct? a)
11. On September 30, 2016, a company issued bonds with par value of $100,000 for $103,000. Which of the following statement is not correct? a) Under IFRS, the company should record bond payable of $103,000. b) Under US GAAP, the company should record bond payable of $100,000. c) Under IFRS, the company should record an equity component of $3,000. 12. How often should goodwill acquired in a business combination be tested for impairment under US GAAP? a) Whenever there are external indications of impairment b) Every year c) Whenever there are internal indications of impairment Answer and Brief Explanation
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