Identify the character of each of the following assets...

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By signing my name below, I affirm that I have not accepted or discussed and will not provide or discuss information about the contents of this assignment from, to, or with another student. Print Your Name Clearly :_______________________ Signature: _______________________ Print Your Section Number (e.g. T/TH 9 am or noon): ______________________________ Assignment 7 (Chapter 11) (Total Possible Points: 100) ACCT 351/551 Note : You can turn in either typed or handwritten homework. However , make sure the different problems and answers are clearly marked. If a multipart question, make sure it is clear which part the answer relates to. In addition, make sure to circle, highlight, or double underline your final answers. If you make it too difficult to find the answer within your work, I will not count the answer correct. If you have multiple answers, I will not count it correct even if one of the answers is correct. Staple multiple pages together and make sure your name is on each page. If pages come loose without a name, the grading will be only on what is left attached. Show your work throughout. If your answer is wrong and you do not show your work, then I cannot offer any partial credit. Round dollar amounts to the nearest cent ($3,500.0372 $3,500.04). Round percentages to the second decimal place (e.g. 35.027956% 35.03%). For all problems, assume the taxpayer of interest would always prefer to have lower taxable income (have a lower tax liability) in the current year whenever possible. 1. Identify the character of each of the following assets based on the information given. You can use each character classification more than once. ( 2 points each ) Asset description Character

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