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Which the gain on extinguishment is equal to the

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Reference no: EM132888966

Problem 1: If the financial asset is held for trading or if the financial asset is measured at fair value through profit or loss, transaction costs directly attributable to the acquisition shall be

a. Capitalized as cost of the financial asset

b. Expensed immediately when incurred

c. Deferred and amortized over a reasonable period

d. Included as component of other comprehensive income

Problem 2: In a debt restructuring that is considered an asset swap, the gain on extinguishment is equal to the

a. excess of the carrying amount of the debt over the carrying amount of the asset

b. excess if the fair value of the asset over the carrying amount of the debt

c. excess of the carrying amount of the debt over the fair value of the asset

d. excess of the fair value of the asset over the carrying amount.

Reference no: EM132888966

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