In 1980, Riveria Company had acquired copyrights for $750,000 on several literary works from some obscure...

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In 1980, Riveria Company had acquired copyrights for $750,000 on several literary works from some obscure 18th century authors. These copyrights were fully amortized by 2020. In early 2020, a new anthropological discovery made these copyrights worth $2,500,000. As a result, Riveria should report which of the following in its financial statements for 2020? O $2,500,000 as a holding gain O $750,000 as copyrights-based recovery of value limited to historical cost O $2,500,000 as an extraordinary item O cannot be recognized under U.S. GAAP in the financial statements In 1980, Riveria Company had acquired copyrights for $750,000 on several literary works from some obscure 18th century authors. These copyrights were fully amortized by 2020. In early 2020, a new anthropological discovery made these copyrights worth $2,500,000. As a result, Riveria should report which of the following in its financial statements for 2020? O $2,500,000 as a holding gain O $750,000 as copyrights-based recovery of value limited to historical cost O $2,500,000 as an extraordinary item O cannot be recognized under U.S. GAAP in the financial statements

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