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

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Accounting

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In 1980, Riveria Company had acquired copyrights for $750,000 on several literary works from some obscure 18 th 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 ? $2,500,000 as a holding gain $750,000 as copyrights-based recovery of value limited to historical cost $2,500,000 as an extraordinary item cannot be recognized under U.S. GAAP in the financial statements

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