ifrs

In 2005 Leasy Co sells and leases back a manufacturing asset by way of a lease. The transfer does qualify as a sale in accordance with IFRS 15. The sale proceeds were in excess of fair value and exceeded carrying amount of the asset. Which of the following statements is true? 1/The sale proceeds are recognized as a financial liability 2/The excess of sale proceeds over fair value are recognized as a financial liability 3/right of use asset is recognized 4/The asset is derecognized and a gain or loss on disposal arises