QUESTION 9 Under IFRS, the recoverable amount of an asset is O The higher of an asset's value in use or its fair value minus costs to sell O The estimated selling price in the ordinary course of business minus the estimated costs of completion and the estimated costs necessary to make the sale O The present value of the future cash flows expected to be derived from an asset O The amount obtainable from the sale of an asset in an arm's length transaction between knowledgeable, willing parties, minus the costs of disposal QUESTION 10 Tongas Company applies revaluation accounting to plant assets with a carrying value of $1,600,000, a useful life of 4 years, and no salvage value. Depreciation is calculated on the straight-line basis. At the end of year 1, independent appraisers determine that the asset has a fair value of $1,500,000 The financial statements for year one will include the following information O Accumulated depreciation $400,000 O Depreciation expense $100,000. O Plant assets $1,500,000 O Revaluation surplus $100,000.