The amount of the gain or loss when selling land is the difference between the carrying value of the land and the price at which the land is sold.
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2. COMPONENTS AND FORMAT OF THE INCOME STATEMENT are reported as revenue, and the costs incurred to generate these revenues are expenses and are presented separately. However, if a manufacturing company sells surplus land that is not needed, the transaction is reported as a gain or a loss. <span>The amount of the gain or loss is the difference between the carrying value of the land and the price at which the land is sold. For example, in Exhibit 2, Kraft reports a loss (proceeds, net of carrying value) of $6 million on divestitures in fiscal 2009. Kraft discloses in the notes to consolidated financial st
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