28. The cost of constructin g a new parking lot at the company's office building would be recorded as: A. Land, B. Land improvement. C. Building. D. Equipment. E. None of the above 29. Sun Bowl Inc. owns equipment for which it paid $70 million. At the end of 2018, it had accumulated equipment of $15 million. Due to adverse economic conditions, Sun Bowl's depreciation on the management determ the equipment. Th ined that it should assess whether an impairment loss should be recognized for e estimated undiscounted future cash flows to be provided by the equipment total on, and the equipment's fair value is $35 million. Under these circumstances, Sun Bowl: A. Would record no impairment loss on the equipment. B. Would record a $4 million impairment loss on the equipment. t. C. Would rccord a $20 million impairment loss on the equipmen D. Would record a $35 million impairment loss on the equipment. E. None of these answers is correct. 30. Undcr IFRS, research and development costs are: A. Expcnsed as incurred. B. Capitalized as intangiblc asscts. C. Research costs are expensed, but development costs arc capitalized. D. Research costs are capitalizcd, but development costs are expensed None of the above. E. 31. Which of the following statements about IFRS standards is true? The FIFO inventory cost flow assumption is not allowed A. B. Dividends and interest received are classified as investing activity cash flows C. Reversals of inventory write-downs are not permitted D. IFRS are issued by the standards body named the International Accounting Federation E. All of the above statements are true. 32. Asset retirement obligations A. Increase the balance in the related asset account. B. Are measured at fair value on the balance sheet. C. Are liabilities associated with the restoration of a long-term asset. D. All of the above are correct