Large Mart owns a computer to track the inventory in its warehouse in Armidale. The carrying amount
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Question:
Large Mart owns a computer to track the inventory in its warehouse in Armidale. The carrying amount of the computer in the “Computers” account (account no 167) on 1 June 20x1 is $1,000. On 1 June 20x1, Large Mart sells the computer for $1,500, making a $500 gain on the sale.
Explain your decision based on the criteria that the conceptual framework uses to define the item that is created by the gain that occurred during the sale, and describe how each criterion is fulfilled by the outlined situation.
Expert Answer:
Answer The gain of 500 within the sale of the computer creates associate degree financial gain in ... View the full answer
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