(Examining verifiability, LO 3) For each of the following transactions and economic events involving Hybla Ltd. (Hybla), indicate whether you think the amounts involved are easy to verify, moderately easy/moderately difficult to verify, or difficult to verify. Explain your reasoning.

a. Hybla purchases land from a developer for $5,000,000.

b. Land that Hybla has owned for 25 years has an estimated market value of

$1,200,000.

c. -Hybla trades a piece of land that it has owned for many years for shares in a privately held company. Hybla records the shares on its books at $5,000,000.

d. Hybla purchases a delivery vehicle and estimates that it will have a useful life of six years for purposes of calculating amortization.

e. Hybla sells merchandise to a customer for $100,000 and recognizes the revenue when the goods are delivered. The customer promises to pay in 90 days.

f. Hybla reports that it has $124,000 cash.

g. Hybla recognizes revenue on a percentage-of-completion basis on some of its long-term projects.