1)Changsha Corporation purchased an asset during the fourth quarter of the current fiscal year. It is now the end of the fiscal year, and the assets fair value exceeds its historical cost. In certain circumstances, IFRS allow or require Changsha to carry the asset at fair value in its year-end balance sheet. In which of the following scenarios might Changsha carry the asset at fair value?(You may select more than one answer.)

a)The asset is a new home office that Changsha occupied immediately after the purchase. b)The asset is a broadcasting license with an indefinite useful life. c)The asset is an office park that is being rented to a tenant. d)The asset is 100 hectares of young trees that will eventually be turned into wood products. e)The asset is a vineyard consisting of mature grapevines.

2)In the fourth quarter of Year 1, Beech Corporation produced three products (related to different product lines) that it still has in inventory at December 31, the end of its fiscal year. The following table provides information about each product:

ProductCostReplacement CostSelling Price 101$130$140$160 202$160$135$140 303$100$90$ 80 Beech Corporation expects to incur selling costs equal to 5 percent of the selling price on each of the products.

Required:

Determine the amount at which Beech should report its inventory on the December 31, Year 1, balance sheet.

3) Steffen-Zweig Company exchanges two used printing presses with a total net book value of $24,000 ($40,000 cost less accumulated depreciation of $16,000) for a new printing press with a fair value of $24,000 and $3,000 in cash. The fair value of the two used printing presses is $27,000. The transaction is deemed to lack commercial substance.

Required:

Determine the amount of gain or loss that would be recognized from this exchange of assets.