4 pts uestion 4 ill-in the blanks/boxes. Each blank/bax is worth 1 Mark. As these questions are automatically graded by the system, Epelling matters. Please be careful. 1. When an investor is able to exercise over the investee, the investor should use the equity method of accounting Answer: 2. Assume you are using the FVOCI method to account for a particular equity investment. After selling the investment, you realize a gain on the sale. After all closing entries are recorded in which account on the balance sheet (statement of financial position) will the gain be reflected? Answer. 3. Consider the different inventory cost flow assumptions that are permitted to be used under IFRS and ASPE If product costs are increasing, which acceptable cost flow assumption would result in a higher net income? Answers 4. Borrowing costs that are directly attributable to the acquisition, construction or production of a asset should be capitalized. Such assets require a substantial time to get them ready for their intended use