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9)
Busytown Corporation, which manufactures shoes,
hired a recent college graduate to work in accounting
department. On the first day of work, the accountant was
assigned to total a batch of invoices with the use of an adding
machine. Before long, the accountant, who had never before
seen such a machine, managed to break the machine. Busy
town Corporation gave the machine plus $340 to Disk
Business machine Company (dealer) in exchange for a new
machine. Assume the following information about the
machines. For each company, prepare the necessary journal
entry to record the exchange.

10) Under IFRS, Sampson company, who has a non-current
asset which has been classified as held-for-sale, should

11) Miller Company, a company who uses IFRS reporting
standards, sells a non-current asset classified as held-for-sale.
Which of the following statements is true regarding the
treatment of a gain on a subsequent increase in the fair value
less cost?

12) Damson Company, a company who uses IFRS reporting
standards, has a non-current asset that has been classified as
held-for-sale. When the asset no longer meets this definition,
Danson should