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Your company owns a building that is fully paid for. Explain how the building meets...

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Accounting

Your company owns a building that is fully paid for. Explain how the building meets the definition of an asset under each of the following scenarios.

Required:

Your company is using the building as a plant that is producing automobiles.

Your company is not using the building but plans to sell it. Explain how the building meets the definition of as asset.

Your company is not using the building but plans to remodel it so that is can be used as a plant to produce automobiles.

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