Which the restatement of historical peso financial statement

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Problem 1: The restatement of historical peso financial statements to reflect the general price level change results in presenting assets at

a. Lower of cost and net realizable value

b. Fair value

c. Cost adjusted for purchasing power change

d. Current replacement cost

Problem 2: Purchasing power gain or loss results from

a. Monetary asset

b. Monetary liability

c. Monetary asset and monetary liability

d. Nonmonetary asset and nonmonetary liability

Reference no: EM132769546

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