q1 XVB" is a firm that has an operating cycle of 9 months. On 1/5/2015, the firm "XVB" signed a contract for renting a building, and paid $10,000 rent 5 years in advance. This means that "XVB" will have the right to use the building rented on 1/5/2020. When preparing the statement of financial position for "XVB" at the end of the accounting period 31/12/2015, the payment would show as:

Rent expense

Current assets

Short-term prepaid expense

Long-term prepaid expense

q2 Company NFR has the following: an "Unrealized gain from financial securities (holding)" of $ 60,000, an "Unrealized loss from financial securities (trading)" of $ 80,000, a "Loss form sale of major line of business" of $ 30,000, "Interest revenues" of $ 20,000, and "reversal of impairment of asset" of $ 20,000. Then the company would have in its "Other income and expenses" account an amount of:

(50,000)

100,000

(40,000)

60,000

(10,000)

A reversal of "Impairment of asset" causes:

A loss in the account "other income and expenses"

A loss in the account "discontinued operations"

A loss in the account "other comprehensive income"

A gain in the account "other comprehensive income"

A gain in the account "other income and expenses"