Oil Exploration LLC paid $45,000 in printing, legal fees, commissions, and other costs associated with its recent
Question:
Oil Exploration LLC paid $45,000 in printing, legal fees, commissions, and other costs associated with its recent bond issue. It is most likely to record these costs on its financial statements as:
A. an asset under US GAAP and reduction of the carrying value of the debt under IFRS.
B. a liability under US GAAP and reduction of the carrying value of the debt under IFRS.
C. a cash outflow from investing activities under both US GAAP and IFRS.
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The correct answer is C a cash outflow from investing activities under both US GAAP and IFRS Heres w...View the full answer
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Related Book For 
International Financial Statement Analysis CFA Institute Investment Series
ISBN: 9780470287668
1st Edition
Authors: Thomas R. Robinson, Hennie Van Greuning CFA, Elaine Henry, Michael A. Broihahn, Sir David Tweedie
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