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What are Howard income recognition issues

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Problem - Howard buys wrecked cars and stores them on his property. Recently, he purchased a 1991 Ford Taurus for $400. If he can sell all of the usable parts, his total proceeds from the Taurus will be over $2,500. As of the end of the year, he has sold only the radio for $75 and he does not know how many, if any, of the remaining parts will ever be sold. What are Howard's income recognition issues?

Reference no: EM132665668

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