What are howards income recognition issues

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Howard buys wrecked cars and stores them on his property. Recently, he purchased a 1990 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: EM131194927

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What are howards income recognition issues : Howard buys wrecked cars and stores them on his property. Recently, he purchased a 1990 Ford Taurus for $400. - What are Howard's income recognition issues?

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