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Go to the FASB revenue recognition website. A company purchased 50 hole punchers for $5...

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Accounting

Go to the FASB revenue recognition website.

A company purchased 50 hole punchers for $5 each. Each hole puncher has a useful life of 5 years. Should the hole punchers be treated as an asset (and depreciated) or as an expense on the date they are placed in service?

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