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Explain how the building meets the definition of an asset

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Reference no: EM132525043

Question 1: Your company owns a building that if fully paid for. Explain how the building meets the definition of an asset under each of the following scenarios

a. Your company is using the building as a plant that is producing automobiles

b. Your company is not using the buildings but plans to sell it, Explain how the building meets the definition of an asset

c. Your company is not using the building but plans to remodel it so that it can be used a plant to produce automobiles.

Reference no: EM132525043

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