question 7 and 8

7. Define Time Period Concept and Revenue Recognition. Give examples by making explanations. (2 points) Enter your answer 8. Ten years ago a corporation purchased a building for $ 150000. At that time, the corporation felt that the business was worth $ 175000. The current market value of the business is $ 420000. The building has been assessed at $ 395000 for property tax purposes. At which amount should the corporation record the building in its accounting records? (1 Point) Select your