Question 11. In 20x5 Leasy Co sells and leases back a manufacturing asset by way of a lease. The transfer does not 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? O The sale proceeds are recognised as a financial liability O The excess of sale proceeds over fair value are recognised as a financial liability O A right of use asset is recognised O The asset is derecognised and a gain or loss on disposal arises