8. You manage a real estate investment company. One year ago, the company nity for t five of purchased 10 parcels of land distributed throughout the commu $10 million each. A recent appraisal of the properties indicates tha the parcels are now worth $8 million each, while the other five are w $16 million each. Ignoring any income received from any taxes paid over the year, calculate the investment company's ac ing earnings and its economic earnings in each of the following cases: a. The company sells all of the properties at their appraised values today. b. The company sells none of the properties. c. The company sells the properties that have fallen in value and keeps the properties and count- the others. d. The company sells the properties that have risen in value and keeps the others. e. After returning from a property management seminar, an employee recommends that the company adopt an end-of-year policy of always selling properties that have risen in value since purchase and always retaining properties that have fallen in value. The employee explains that, with this policy, the company will never show a loss on its real estate investment activities. Do you agree with the employee? Why, or why not