Imagine you own a taxi company. You operate a taxi service, but you also act as...

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Imagine you own a taxi company. You operate a taxi service, but you also act as an intermediary for single private taxi drivers to get their own license. So, as a part of your business you acquire transferrable taxi licenses from the government and you sell some of them to the private drivers who buy from you as it's easier to get the license this way. You acquired 1 000 number of taxi licenses. You employ 400 taxi drivers and you plan to sell another 600 taxi licenses to private drivers. Required: You need to make accounting treatment including explanation for transaction above. Imagine you own a taxi company. You operate a taxi service, but you also act as an intermediary for single private taxi drivers to get their own license. So, as a part of your business you acquire transferrable taxi licenses from the government and you sell some of them to the private drivers who buy from you as it's easier to get the license this way. You acquired 1 000 number of taxi licenses. You employ 400 taxi drivers and you plan to sell another 600 taxi licenses to private drivers. Required: You need to make accounting treatment including explanation for transaction above.