Which of the following is not part of the conceptual framework for financial reporting? O Notes to financial statements Elements of financial statements O Qualitative characteristics of accounting information O Foundational principles When an asset is held for sale the asset is remeasured to the lower of fair value and carrying (book) value. O it must relate to a discontinued operation. O the asset is remeasured to the lower of carrying (book) value and fair value less costs to sell. O the entity must continue to record depreciation for the asset. Grieves Company has the following items at year end: Cash in bank Petty cash Short-term paper with maturity of 2 months Postdated cheques $42,000 1,500 6,500 3,400 Grieves should report cash and cash equivalents of O $50,000. O $42,000. O $43,500. O $46,600