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1. With few exceptions, why do we report most assets at their original acquisition price...

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Accounting

1. With few exceptions, why do we report most assets at their original acquisition price (historical cost) and not at current market value?
2. Compare and contrast intangible and tangible assets.
3. Prepare a list of two possible undervalued assets on a company's balance sheet. Indicate how these items can be undervalued.

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