Monetary assets represent

At December 31, 2027, Swift Current Inc. has the following portfolio of common shares in which it does not have significant influence:                                                                  Cost          Fair Value        Apple Corp.                             $100,000              $120,000        Chester Inc.                               200,000                205,000        Dooley Ltd.                               300,000                500,000                                                         $600,000              $825,000   Assuming Swift Current uses the fair value through other comprehensive income (FV-OCI) model to account for this portfolio of investments, the most informative entry to record the year-end adjustment is

Revenue recognition under ASPE is based on the

Which of the following costs would NOT be included in the cost of a patent?

Accumulated other comprehensive income would be reported in

Papaya Inc. has 100,000 common shares outstanding and has a policy of paying a $1.30 annual per share dividend. Papaya has an income tax rate of 35%, and its retained earnings statement for 2026 reported a closing balance of $1,452,000. Assuming an opening retained earnings balance of zero, dividend payments according to its usual policy, and no other adjustments, Papaya’s 2026 net income was

Representational faithfulness includes

Equity or debt securities held to finance future construction of additional plants should be classified on a statement of financial position as

Magenta Inc. sells art supplies to students and enters into a contract to sell 150 art easels to a local college for a total of $15,000 over the next 10 months, or the regular academic year. Fifteen easels are delivered monthly. At month five of the existing contract the college also orders 100 pastel boxes at $35 each to be delivered immediately. Which of the following statements regarding the contract with the college is correct?

Which of the following legal fees should be capitalized?