Rig Company sold its factory at a gain, and simultaneously leased it back for 10...
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Accounting
Rig Company sold its factory at a gain, and simultaneously leased it back for 10 years. The factory's remaining economic life is 20 years. The lease was reported appropriately as an operating lease. At the time of sale, Rig should report the gain as Multiple Choice An asset valuation allowance. A component of Other Comprehensive Income, net of income tax. A separate component of stockholders equity. Gain on sale, on the income statement
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