if a manufacturing company sells surplus land that is not needed, the transaction is reported as a gain or a loss.
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2. COMPONENTS AND FORMAT OF THE INCOME STATEMENT dinary activities of the business. For example, when a manufacturing company sells its products, these transactions are reported as revenue, and the costs incurred to generate these revenues are expenses and are presented separately. However, <span>if a manufacturing company sells surplus land that is not needed, the transaction is reported as a gain or a loss. 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 (proceed
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