Task $1$

FASB$$s conceptual framework requires certain assets to be reported as a line item in the financial statements at the amount of cash or cash equivalent that would have been paid if the same or equivalent assets were acquired currently.

AB$1$QuestionAmount$2$What is the amount reported for this asset class?

$3$What is the amount reported as part of a liquidation activity?

Task $2$

FASB$$s conceptual framework requires certain assets to be reported at the price paid for the asset less amortization and other allocations. No amortization or other allocations have been experienced for this entity.

AB$1$QuestionAmount$2$What is the amount reported for this asset class?

Task $3$

FASB$$s conceptual framework requires certain assets to be reported at the cash or cash equivalent to be received for the asset during normal business operations less selling and completion costs.

AB$1$QuestionAmount$2$What is the amount reported for this asset class?

Task $4$

FASB allows inventory to be revalued when it is accounted for under the FIFO method.

AB$1$QuestionAmount$2$What is the measurement of inventory?

$3$What is the loss from inventory write$-$down?