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Occasionally, events occur that change an asset's value after purchase. Which of the following is true regarding these changes in value? Reductions in asset value

Occasionally, events occur that change an asset's value after purchase. Which of the following is true regarding these changes in value?

  • Reductions in asset value are recognized. 
  • Increases in asset value are recognized. 
  • Both decreases and increases are recognized. 
  • Neither decreases nor increases are recognized.

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