I bought an asset worth $500 from a dealer for $469. How would I record this on my balance sheet? Under Canadian GAAP would there be an argument for both recording methods (i.e. record asset cost as $500 or $469)>
Also, let's say receivables are very slow for me. I have no estimates with which to determine the payability of these receivables. What would be the most reasonable action on my part? Record Bad Debt Expense, or wait and delay the expense recording?