47. Benjamin Company uses IFRS, while Iris, Inc. uses GAAP, for their external

financial reporting. On January 16, 2021, both companies settled lawsuits relating to

industrial accidents that occurred in 2019. Benjamin Company paid $550,000 and Iris,

Inc. paid $230,000. Assuming that no accrual had been previously made, what amount

of loss should be reported on the income statement for the year ended December 31,

2021 for each company?

Benjamin Company Iris, Inc.

a. $-0- $-0-

b. $550,000 $230,000

c. $-0- $230,000

d. $550,000 $-0.