On December 31,2012,Twisted Pretzel Was Told by an Appraiser That

Multiple Choice

On December 31,2012,Twisted Pretzel was told by an appraiser that its land,which cost $100,000,was worth $120,000.Under IFRS,Twisted Pretzel would be allowed to: show the land on its financial statements as ________.

A) an expense of $100,000 on the income statement
B) an expense of $120,000 on the balance sheet
C) an asset of $120,000 on the income statement
D) an asset of $120,000 on the balance sheet