Susqua, Inc. has held-to-maturity debt securities it purchased in 2018. At December 31, 2019, Susqua, Inc. reported a $120,000 impairment loss related to these securities. During 2020, the debtor was successful in registering a new patent which improved the debtor's operating outlook. This change of events resulted in a reversal of $45,000 of the impairment loss. At December 31, 2020, the fair value of the debt securities had increased by $68,000 over the impaired value previously recorded. Susqua, Inc. uses IFRS for its external reporting. How much, if any, of this reversal can Susqua, Inc. report in its income for 2020?
A. $120,000.
B. $68,000.
C. $45,000.
D. $ - 0 -
Answer: C
You might also like to view...
Which of the following statements regarding postretirement benefits other than pensions is true?
A) A liability for postretirement benefits other than pensions is not required to be reported on the balance sheet. B) The interest component of the net postretirement benefit expense is based on the accumulated postretirement benefit obligation (APBO). C) The interest component of the net postretirement benefit expense is based on the expected postretirement benefit obligation (EPBO). D) An intangible asset for other postemployment benefits (OPEB) is required to be reported on a company's balance sheet.
Both limited and general partners have authority to bind the limited partnership to a contract
Indicate whether the statement is true or false
Which of the following do not apply to unearned revenues?
A. Also called deferred revenues. B. Also called collections in advance. C. Also called prepayments. D. Amounts received in advance from customers for future delivery of products or services. E. Amounts to be received in the future from customers for delivery of products or services in the current period.
If the Fed's strategy for conducting monetary policy is thought of as a game plan that proceeds in stages, then the game plan can be summarized as follows:
A) The Fed selects its policy goals, then the intermediate targets consistent with achieving its policy goals, then the operating targets consistent with its intermediate targets. Finally, it adjusts its policy tools to effect the desired targets and goals. B) The Fed selects its policy goals, then the operating targets consistent with achieving its policy goals, then the intermediate targets consistent with its operating targets. Finally, it adjusts its policy tools to effect the desired targets and goals. C) The Fed selects its policy goals, then the intermediate targets consistent with achieving its policy goals, then the policy tools consistent with its intermediate targets. Finally, it adjusts its operating targets to effect the desired targets and tools. D) The Fed selects its policy tools, then the operating targets consistent with achieving its policy tools, then the intermediate targets consistent with its operating targets. Finally, it adjusts its policy goals to effect the desired targets and tools. E) None of the above.