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Quicksand Investment Company bought 10,000 lottery tickets for what they thought was a surefire investment....

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Accounting

Quicksand Investment Company bought 10,000 lottery tickets for what they thought was a surefire investment. Each ticket cost one dollar and pays $10 if it wins, zero otherwise. The probability of a single lottery ticket winning is only 1%. The drawing will occur next week but the firm must prepare its financial statements today.

c. Is the $10,000 investment an economic asset? If so, what amount would you regard as the assets economic value?

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