11. The new IFRS standard, IFRS 15 Revenue from Contracts with Customers adopts a(n) a. eamed and realized approach to revenue recognition. b. eamings approach to revenue recognition. c. cash-based approach to revenue recognition. d. asset-liability approach to revenue recognition. 12. Regarding presentation of discontinued operations, under IFRS, on the balance sheet, an entity must classify held-for-sale assets as a. current or non-current, depending on their nature. b. available for sale assets. c. silly question: Assets held for sale do not appear on the balance sheet. d. current assets/liabilities. 13. The following information was extracted from the accounts of Diamond Corporation at December 31, 2017: CR (DR) Total reported income since incorporation $1,400,000 Total cash dividends paid (500,000) Cumulative effect of changes in accounting principle (140,000) Total stock dividends distributed (300,000) Correction of an error, recorded January 1, 2017 77,000 What should be the balance of retained earnings at December 31, 2017? a. $460,000 b. $537.000 c. $423,000 d. $500,000