Multiple Choice
Assume that U.S.GAAP and IFRS require firms to remeasure the amount of a particular asset from $12 million to $8 million because of economic events.Which of the following journal entries should the company make?
A) Miscellaneous Expense 4,000,000 Asset 4,000,000
B) Other Comprehensive Income 4,000,000 Miscellaneous Revenue 4,000,000
C) Other Comprehensive Income 4,000,000 Asset 4,000,000
D) Asset 4,000,000 Other Comprehensive Income 4,000,000
E) None of these answer choices is correct.
Correct Answer:
Verified
Correct Answer:
Verified
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