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Phil Plumbing Services has just brought a Van for $80,000 on an auto loan for business use. Explain how Phil Plumbing Services should recognise asset

Phil Plumbing Services has just brought a Van for $80,000 on an auto loan for business use. Explain how Phil Plumbing Services should recognise asset and liability for this event, justifying your answer by reference to relevant conceptual framework definitions and recognition criteria.

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