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36. National Co. purchased a new drilling machine after the company determined that the minerals that can be extracted from a certain location is commercially viable. Should the new drilling machine be considered as exploration and evaluation asset? * (1 Point) Yes because the machine is used to further extracting minerals No because only intangible assets can be considered as exploration and evaluation asset No because the machine is purchased after the determination of technical feasibility and commercial viability Yes because it is being purchased after obtaining the legal rights to explore 37. Borrowing costs are interest and other costs that an entity incurs in connection with the borrowing of funds. Borrowing cost does not include (1 Point) O Actual or imputed cost of equity, including preferred capital not classified as a liability Interest in respect of lease abilities recognized in accordance with PERS 16 Interest expense calculated using the effective interest method as described in PFRS 9 Exchange differences arising from foreign borrowings to the extent that they are regarded as an adjustment to interest costs 38. A government grant that becomes receivable as compensation for expenses or losses incurred in a previous period (1 Point) Shall be recognized in profit or loss of the period in which it is received Shall be credited directly to equity in the period in which it becomes receivable Shall be recognized in retained earnings in the period in which it becomes receivable Shall be recognized in profit or loss of the period in which it becomes receivable 39. The critical attributes of an intangible asset include identifiability, control over the resource and existence of future economic benefits. Which statement pertains to identifiability? * (1 Point) The entity has the power to obtain benefits from the asset O The use of the asset will generate revenues or reduce future costs O The asset is separable oransing from contractual or other egal rights The amount can be measured reliably 40. Which of the following is incorrect regarding property, plant and equipment (PPE)? - (1 Point) An item of PPE should be measured on initial recognition at its cost PPE are presented in the statement of financial position either as current or noncurrent The cost of an item of PPE shall be recognized as an asset it and only it, it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliabiy PPE are tangible items that are held for use in the production or suppy of goods or services for rental to others, or for administrative purposes, and are expected to be used during more than one period