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A company issued bonds with par value of $100,000 for $103,000. Which of the following statement is NOT correct? a) Under IFRS, the company should
A company issued bonds with par value of $100,000 for $103,000. Which of the following statement is NOT correct?
a) Under IFRS, the company should record bond payable of $103,000.
b) Under US GAAP, the company should record bond payable of $100,000.
c) Under IFRS, the company should record an equity component of $3,000.
Please explain why.
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