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| Three years ago, Ranchero Corporation purchased a patent for a process used in production, for ₤3 million. At the end of last year, Ranchero determined the fair value of the patent was greater than its book value. No impairment losses have been recognized on the patent. Assuming Ranchero follows International Financial Reporting Standards, what is the impact on its total asset turnover ratio and return on equity of reporting the value of the patent on the balance sheet at fair value? A)Only one will increase. B)Both will decrease. C)Both will increase. |
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