Discuss whether the following items would meet the definition of an asset using the IFRS definitions. If so, explain with reference to the appropriate criteria.

1. MBI Ltd. owns a corporate fleet of cars for senior managements use in performing work duties.
2. A franchisee has a licence to operate a Tim Hortons restaurant.
3. Customized manufacturing machinery can only be used for one product line and has a small and limited customer market.
4. The parent company has guaranteed the operating line of credit of its subsidiary, which resulted in the subsidiary obtaining a lower interest rate than it would otherwise receive. Is the guarantee an asset for the subsidiary?
5. FreshWater Inc. bottles and sells the spring water from a natural spring near its property. Is the natural spring an asset of the company?
6. Mountain Ski Resort Ltd. often has to use its snow-making machine to make snow for its hills and trails when there is not enough natural snowfall. Is the snow an asset for Mountain Ski?