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7. Emerson Tech is a private company reporting under IFRS. They have a credit line with Scotia bank with a limit of $3,000,000. On December 15, 2016, Emerson Tech had made a withdrawal of $1,500,000 from the credit limit and they repaid the full amount on January 2nd, 2017. What should appear on their financial statements for the year ending December 31st, 2016. a) A liability of $1,500,000 on the Balance Sheet and a Cash inflow of $1,500,000 in the Cash Flow statement. b) A liability of $3,000,000 on the Balance Sheet and a cash inflow of $1,500,000 in the cash flow statement c) A liability of $1,500,000 on the Balance Sheet and Revenues of $1,500,000 on the income statement. d) A Revenue of $3,000,000 on the income statement and a cash inflow of $3,000,000 on the Cash flow Statement.

7. Emerson Tech is a provate company reporting under IFRS. They have a credit line with Scotia bank with a limit of $3,000,000, On December 15,2016 , Emerson Tech had made a withdrawal of $1,500,000 from the credit limit and they repaid the full amount on January 2nd,2017. What should appear on their financial statements for the year ending December 31st,2016. a) A liability of $1,500,000 on the Balance Sheet and a Cash inflow of $1,500,000 in the Cash Flow statement. b) A liability of $3,000,000 on the Balance Sheet and a cash inflow of $1,500,000 in the cash flow statement c) A liability of $1,500,000 on the Balance Sheet and Revenues of $1,500,000 on the income statement. d) A Revenue of $3,000,000 on the income statement and a cash inflow of $3,000,000 on the Cash flow Statement

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