Robertson inc prepares its financial statements

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83. Robertson Inc. prepares its financial statements according to International Financial Reporting Standards. At the end of its 2013 fiscal year, the company chooses to revalue its equipment. The equipment cost $540,000, had accumulated depreciation of $240,000 at the end of the year after recording annual depreciation, and had a fair value of $330,000. After the revaluation, the accumulated depreciation account will have a balance of: A. $240,000. B. $264,000. C. $270,000. D. None of the above is correct.
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84. Rice Industries owns a manufacturing plant in a foreign country. Political unrest in the country indicates that Rice should investigate for possible impairment. Below is information related to the plant's assets ($ in millions): The amount of impairment loss that Rice should recognize according to U.S. GAAP and IFRS, respectively, is:
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85. Kingston Corporation has $95 million of goodwill on its books from the 2011 acquisition of Reliant Motors. At the end of its 2013 fiscal year, management has provided the following information for its required goodwill impairment test ($ in millions): Assuming that Reliant is considered a reporting unit for U.S. GAAP and a cash-generating unit for IFRS, the amount of goodwill impairment loss that Kingston should recognize according to U.S. GAAP and IFRS, respectively, is: 86. According to International Financial Reporting Standards, the revaluation of equipment when fair value exceeds book value, results in:
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87. According to International Financial Reporting Standards, biological assets are valued at: A. Cost less accumulated depreciation. B. Fair value less estimated costs to sell. C. Cost less accumulated depletion. D. None of the above. 88. According to International Financial Reporting Standards, the impairment loss for property, plant, and equipment is the difference between book value and: sell. 89. According to International Financial Reporting Standards, the level of testing for goodwill impairment is the:
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