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What principle associated with the recording of accounting

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Problem 1: During 2020, company X sold its land for 10 million cash. The asset has a book value of 8 million. The accounting manager, recorded this transaction as debit to cash and credit to land and gain. Based on the conceptual framework, what principle associated with the recording of the accounting manager?

a. Derecognition of land and gain

b. Recognition of cash only

c. Recognition of cash and land

d. Derecognition of land

Reference no: EM132949995

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