Multiple Choice
Susqua,Inc.has held-to-maturity debt securities it purchased in 2014.At December 31,2015,Susqua,Inc.reported a $120,000 impairment loss related to these securities.During 2016,the debtor was successful in registering a new patent which improved the debtor's operating outlook.This change of events resulted in a reversal of $45,000 of the impairment loss.At December 31,2016,the fair value of the debt securities had increased by $68,000 over the impaired value previously recorded.Susqua,Inc.uses IFRS for its external reporting.How much,if any,of this reversal can Susqua,Inc.report in its income for 2016?
A) $-0-
B) $120,000.
C) $68,000.
D) $45,000.
Correct Answer:
Verified
Correct Answer:
Verified
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