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Consider a Company's Asset That Was Expropriated by Government Authorities

Question 54

Multiple Choice

Consider a company's asset that was expropriated by government authorities.The following additional information is available: Consider a company's asset that was expropriated by government authorities.The following additional information is available:   Under current Canadian GAAP, this situation would be reflected in the company's financial statements as follows: A) As an extraordinary gain of $1.8 Mill. B) As a $1.8 Mill.gain from expropriation of assets C) As a $1.8 Mill.gain from discontinued operations. D) As a $1.8 Mill.gain that would be included in other comprehensive income. Under current Canadian GAAP, this situation would be reflected in the company's financial statements as follows:


A) As an extraordinary gain of $1.8 Mill.
B) As a $1.8 Mill.gain from expropriation of assets
C) As a $1.8 Mill.gain from discontinued operations.
D) As a $1.8 Mill.gain that would be included in other comprehensive income.

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