A company buys land for $100,000. After 10 years, the land is valued at $120,000. Under IFRS rules, how is the $20,000 increase described on the income statement if the revaluation option is exercised? Select an answer: as an intangible asset as a gain as shareholder equity as a liability Previous Skip Question 8 of 12 When purchasing a building, what should you record as an expense rather than adding to the cost of the building? Select an answer: real estate commissions exchanged assets used to pay for the building legal fees mortgage interest recently purchased a rental property for $500,000. If she uses straight-line depreciation over 20 years, what will be the book value of the property in 4 years? Select an answer: 375000 500000 400000 100000 Previous Skip Question 9 of 12: Samantha recently purchased a rental property for $500,000. If she uses straight-line depreciation over 20 years, what will be the book value of the property in 4 years? Select an answer: 375000 500000 400000 100000 Previous skip Question 10 of 12: Jerry Jones purchased the Dallas Cowboys for $150 million in 1989, and the market value of the franchise today is $5 billion. How should the asset be reported on a balance sheet? Select an answer: as $150 million as $5.15 billion as $4.85 billion as $5 billion Previous Skip Question 11 of 12 According to US accounting rules, when is an asset considered impaired? Select an answer: when the book value of the asset is less than its market value when the sum of the estimated future cash flows is greater than the asset's book value when the book value of the asset is greater than its market value when the sum of the estimated future cash flows is less than the asset's book value ronour Skip Question 12 of 12: Goodwill is equal to the leftover market value after the market value of all identifiable assets and have been considered. Select an answer: intangibles liabilities residuals book values Previous Skip