Assets can be acquired for use in a business, for resale by a business, or as investments. For each of these classifications, indicate (1)how the income earned will be classified, and (2)how the income resulting from the sale of the asset would be classified.

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The Answer of Assets can be acquired for use in a business, for resale by a business, or as investments. For each of these classifications, indicate (1)how the income earned will be classified, and (2)how the income resulting from the sale of the asset would be classified.

Assets Can Be Acquired for Use in a Business, for Resale