Business
Business, 12.12.2019 01:31, natalyarenassalgado

Cayo casta cabins corporation recently purchased ship island resort and casino and the land on which it is located with the plan to tear down the resort and build a new luxury hotel on the site. cayo casta cabin corporation salvaged fixtures and wood flooring from ship island prior to demolishing the building. the proceeds from the sale of the salvaged materials should be

1. recorded as a reduction of the cost of the new hotel.
2. recognized as revenue in the period of the sale.
3. recognized as an extraordinary gain in the year the hotel is torn down.
4. recorded as a reduction of the cost of the land.

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Answers: 3

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Cayo casta cabins corporation recently purchased ship island resort and casino and the land on which...

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