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Identify the Issues Identify the issues or problems suggested by the following situations. State each...

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Accounting

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Identify the Issues Identify the issues or problems suggested by the following situations. State each issue as a question. 70. [LO 9.3] Carlson Manufacturing's plant was condemned by the federal government to allow for expansion of one of its secured locations for government employees. The government paid the company $6,800,000 for the property that had a basis of $2,500,000 and it moved out in December of year 1. In March of year 2, Carlson contracted with a construction company to build new facilities in West Virginia. The construction was to take two years with occupancy planned for June of year 4. Severe floods followed extraordinary rains in the spring of year 4. The construction company was forced to halt construction for six months until a bridge into the property could be replaced. As a result, construction was not completed until February of year 5. Carlson occupied the building in March of that year

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