14. Harris Company has an old asset that originally cost $115,000 (accumulated am ortization, $56,000 ). Its current market value is $105,001. Harris Company purchased another asset by paying cash $10,500 and trading in the old asset. The new asset had a list price of $135,000 and a cash price of $120,001. The assets are similar. Harris Company should record the cost of the new machine at $110,000 : True False 15. Under IFRS, once biological assets are ready for sale, they have effectively become inventory and are then measured at the lower of their cost and net realizable value (NRV). True