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Question 1: A firm follows IFRS and revalues an identifiable intangible asset. The asset had an original cost of $1 million, was written down to $800,000 two years ago and today is revalued at $1.2 million. Which of the following is correct?
Group of answer choices
A) A gain of $200,000 will be reflected on the income statement and a gain of $200,000 will flow directly into equity, bypassing the income statement
B) A gain of $400,000 will flow directly into equity, bypassing the income statement
C) A gain of $400,000 will be reflected in the income statement
D) No gain will be realized since revaluations that are increases are not allowed under IFRS
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