46. If Benjamin Company and Iris, Inc. are similar companies in every regard, except Benjamin Company uses IFRS while Inis, Inc. uses GAAP, which of the following is true? a. Iris, Inc. is required to issue interim statements every 6 months. b. Benjamin Company need not recognize post-balance sheet events. C. Benjamin Company is not required by IFRS to issue interim statements. d. All of these choices are true 47. Benjamin Company uses IFRS, while Iris, Inc. uses GAAP, for their external financial reporting. On January 16, 2021, both companies settled lawsuits relating to industrial accidents that occurred in 2019. Benjamin Company paid $550,000 and Iris Inc. paid $230,000. Assuming that no accrual had been previously made, what amount of loss should be reported on the income statement for the year ended December 31, 2021 for each company? Benjamin Company Ins. Inc. a S-0- $0 b. $550.000 $230,000 C. S-0 $230,000 d. $550,000 $-0 48. Nicole, Inc. uses IFRS for its external financial reporting. During 2020, an employee of the company was injured in the factory. Discussions with corporate attomeys resulted in determination that the company would be required to pay between $1,500,000 and $3,000,000 to settle the injury claim Nicole, Inc. accrued a contingent liability on December 31, 2020 for $1,500,000. On February 4, 2021, Nicole, Inc. settled the lawsuit for $3,300,000. What amount of loss should be reported on the income statement for the year ended December 31, 2021 for Nicole, Inc. related to this lawsuit? a. $3,300,000 b. $1,800,000 49. C. $1,500,000 d. $300,000 Identifiable assets for the 4 industry segments of Brite Company are as follows: Candy $120,000 Stix $240,000 Chips $980,000 Gum $ 45,000 Brite Company uses IFRS for its external financial reporting. Using only the identifiable assets test, which of the segments are reportable? a. Under IFRS all four segments must be reported. b. Candy. Stix and Chips only c Chips only. d. Stix and Chips only Operating profits and losses for the 4 industry segments of Brittle Company are as follows: Candy ($590,000) Stix $ 20,000 Chips $ 85,000 Gum $ 9,000 Brittle Company uses IFRS for its external financial reporting. Using only the operating profits (loss) test, which of the segments are reportable? a. Under IFRS all four segments must be reported. b. Stix. Chips, and Gum only. Candy and Chips only d. Candy only 50 C