7.8 Redeemable Preferred Stock. Determine and compare the financial reporting (debt versus equity classification) of redeemable preferred stock with the following characteris-tics under U.S. GAAP and IFRS. a. Redemption will occur at a specific time or upon a specific event (for example, death of the holder). b. Redemption is at the option of the issuing firm; that is, the preferred stock is callable. c. Redemption is at the holders discretion; that is, the preferred stock is putable