16. There is substantial modification of terms of an old financial liability if the gain or loss on extinguishment is A. At least 10% of the carrying amount of the old liability C. At least 10% of the new liability B. Less than 10% of the carrying amount of the old liability D. Less than 10% of the new liability 17. The difference between the carrying amount of a financial liability extinguished and the consideration given shall A. Be recognized in profit loss C. Be included in retained earnings B. Be included in equity D. Not to be recognized 18. The gain or loss from extinguishment of a financial liability by issuing instruments shall be presented in the statement of comprehensive income as A. Other income or other expense C. Component of other comprehensive income B. Separate line item in profit or loss D. Component of finance cost 19 The difference between the carrying amount of the financial liability extinguished and the fair value of equity instruments Issued or fair value of liability extinguished in the absence of the fair value of equity Instruments issued shall be recognized in A. Profit or loss C. Retained earnings B. Other comprehensive income D. General service 20. The appropriate valuation of an operating lease in the statement if financial position of the lease is A. Zero B. The absolute sum of the lease payments C. The present value of the sum of the lease payments discounted at an appropriate rate D. The market value of the asset at the inception of the lease 21. Rent received in advance by the lessor for an operating lease should be recognizes as revenue A. When received C. At the lease expiration B. at the lease inception D. In the period specified by the lease 22. When should a lessor recognize in income an nonrefundable lease bonus paid by a lessee on signing an operating le A. When received C. At the lease expiration B. At the inception of the lease D. Over the lease term