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A Chimpanzee Company sells land for $180,000 that it bought four years ago for $320,000. This transaction, when recorded, would be: Multiple Choice an operating expense. non-operating revenue. operating revenue. O a loss The separate entity assumption means: Multiple Choice each separate entity that has a claim on a company's assets must be shown in the financial statements. each shareholders' activities must be revealed In the financial statements each separate owner's finances must be revealed in the financial statements. O O a company's financial statements reflect only the business activities of that company and not that of the shareholders