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Freefall Fern Company purchased a financial instrument in the open market for $570,000 cash and decided to account for it using the FVO. It determined

Freefall Fern Company purchased a financial instrument in the open market for $570,000 cash and decided to account for it using the FVO. It determined it could sell the asset on the purchase date for $600,000 in the retail market. How would Freefall account for the asset under US GAAP and IFRS?

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