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costs, which were accumulated in an expense account, Jarrett
discovered sulphur deposits appraised at $4,500,000 more
than the value of the land. To record the discovery of the
deposits, Jarrett should

The primary IFRS related to property, plant and equipment is
found in

Ryan Distribution Co. has determined its December 31, 2014
inventory on a FIFO basis at $490,000. Information pertaining
to that inventory follows:

LF Corporation, a manufacturer of Mexican foods, contracted
in 2014 to purchase 1,500 pounds of a spice mixture at $5.00
per pound, delivery to be made in spring of 2015. By
12/31/14, the price per pound of the spice mixture had
dropped to $4.70 per pound. In 2014, LF should recognize

Plank Co. uses the retail inventory method. The following
information is available for the current year.