If a merchandising company sells land at more than its cost the gain should be reported in the sales revenue section of the income statement.

Name: If a merchandising company sells land at more than its cost the gain should be reported in the sales revenue section of the income statement.
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Question

Quizplus · Accepted Answer

Gains from the sale of assets, such as land, should be reported separately from sales revenue in the "other income" or "non-operating income" section of the income statement.

If a Merchandising Company Sells Land at More Than Its