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#cfa-level-1 #reading-25-understanding-income-statement
Question
if a manufacturing company sells surplus land that is not needed, the transaction is reported as a [...] or [...].
Answer
gain

a loss

Tags
#cfa-level-1 #reading-25-understanding-income-statement
Question
if a manufacturing company sells surplus land that is not needed, the transaction is reported as a [...] or [...].
Answer
?

Tags
#cfa-level-1 #reading-25-understanding-income-statement
Question
if a manufacturing company sells surplus land that is not needed, the transaction is reported as a [...] or [...].
Answer
gain

a loss
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if a manufacturing company sells surplus land that is not needed, the transaction is reported as a gain or a loss.

Original toplevel document

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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