Your company owns a building that is fully paid for. Explain how the building meets the definition of an asset under each of the following scenarios:

a. Your company is using the building as a plant that is producing auto¬ mobiles.

b. Your company is not using the building, but plans to sell it. Explain how the building meets the definition of an asset.

c. Your company is not using the building, but plans to remodel it so that it can be used as a plant to produce automobiles.