1). Silver Cup Corp. has a piece of equipment, which is being held for sale, and has a carrying value of $100,000. When the decision to sell had been made, the equipment had been written down from a carrying value of $180,000. At December 31, 2020, it is estimated that the fair value less disposal costs (net realizable value) is $130,000. For the calendar year 2020, Silver Cup should recognize a recovery(gain) of

a). $0.

b). $80,000

c). $50,000.

d). $30,000.

2). Included in Paul Inc.’s account balances at December 31, 2020, were the following:  
         4% note payable issued October 1, 2020,
                   maturing September 30, 2021                                                                  $ 250,000
         6% note payable issued April 1, 2020, payable in six equal
                   annual instalments of $ 100,000 beginning April 1, 2021                  600,000
Paul’s December 31, 2020 financial statements were to be issued on March 31, 2021. On January 15, 2021, the entire $ 600,000 balance of the 6% note was refinanced by the issuance of a long-term note to be repaid in 2024. In addition, on March 10, 2021, Paul made arrangements to refinance the 4% note on a long-term basis. Under IFRS, on the December 31, 2020 statement of financial position, the amount of the notes payable that Paul should classify as current liabilities is

a). $ 250,000.

b). $ 100,000.

c). $ 350,000.

d). $ 0.

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