What gain or loss would be recognized using US GAAP and IFRS?? show a corresponding journal entries?

Under US GAAP and IFRS, gains or losses are recognized when there is a change in the fair value of an asset or liability. The specific treatment and journal entries may vary depending on the nature of the gain or loss. Here are a few examples:

1. Gain on Sale of Equipment:
Assume a company sells equipment for $10,000, which was originally purchased for $8,000. The journal entry to recognize the gain under both US GAAP and IFRS would be:

Debit: Cash - $10,000
Debit: Accumulated Depreciation - $2,000
Credit: Equipment - $8,000
Credit: Gain on Sale of Equipment - $4,000

2. Loss on Impairment of Asset:
Assume a company determines that an asset is impaired and its fair value has decreased by $5,000. The journal entry to recognize the loss under both US GAAP and IFRS would be:

Debit: Impairment Loss - $5,000
Credit: Accumulated Depreciation - $5,000

3. Gain on Investment:
Assume a company holds an investment in another company's stock and the fair value of the investment increases by $2,000. The journal entry to recognize the gain under both US GAAP and IFRS would be:

Debit: Investment - $2,000
Credit: Gain on Investment - $2,000

4. Loss on Foreign Currency Exchange:
Assume a company has a liability denominated in a foreign currency, and due to exchange rate fluctuations, the fair value of the liability increases by $3,000. The journal entry to recognize the loss under both US GAAP and IFRS would be:

Debit: Loss on Foreign Currency Exchange - $3,000
Credit: Liability - $3,000

It's important to note that these are just examples, and the specific treatment and journal entries may vary depending on the circumstances and applicable accounting standards.

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