Before application of the IFRS Revaluation option, the 12/31 balance sheet of the Ney Company included its only building:

Building

$600,000

A/D

(280,000)

Book Value

$320,000

12.The fair value at 12/31 was $360,000. No revaluation was recorded in prior years. The Gross Carrying Amount method is used. What is the effect of the revaluation adjustment on the 12/31 Accumulated Depreciation account and the 12/31 Total Stockholders' Equity, respectively?

Select one:

a.$60,000, $40,000

b.$35,000, $80,000

c.$35,000, $280,000

d.$60,000, $80,000

e.$280,000, $40,000

18.According to IFRS classification, Dividends Received is classified as a(n) ________activity.

Select one:

a.Operating

b.Investing

c.Financing

d.a or b is allowed

e.b or c is allowed

19.

According to IFRS classification, Dividends Received is classified as a(n) ________activity.

Select one:

a.Operating

b.Investing

c.Financing

d.a or b is allowed

e.b or c is allowed

20.

IFRS and GAAP differ in the accounting for

Select one:

a.Straight-line depreciation

b.Treasury Stock

c.Use of FIFO

d.Reversals of inventory losses

e.Discontinued Operations

22.On January 1, Day Co. paid $108,250 for $100,000 face amount, five-year, 8% bonds, a price that yields 6%. Interest is payable every July 1 and January 1. Total Interest Revenue to be recorded over the life of the bond is:

Select one:

a.$11,750

b.$28,250

c.$48,250

d.$16,250

e.$31,750