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Can an entity include an asset in its balance sheet that it does not legally own?

Entrepreneurial Finance

6th Edition

ISBN:9781337635653

Author:Leach

Publisher:Leach

Chapter16: Financially Troubled Ventures: Turnaround Opportunities?

Section16.2: The Troubled Venture And Financial Distress

Problem 4CC

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Can an entity include an asset in its balance sheet that it does not legally own?

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