If Casey assigns her rights to receive income from rental property to Errol, then Errol will legally acquire any rights to the income held by Casey

Boston Corporation has a joint process that produces three products: X, Y and Z. Each product may be sold at split-off or processed further and then sold. Joint-processing costs for a year amount to $100,000

Other data follows: Sales Value Separable Processing Sales Value Product at Split-Off Costs after Split-Off at Completion X $128,000 $16,000 $160,000 Y 50,000 25,000 77,000 Z 25,600 20,000 40,000 Processing Product Y beyond the split-off point will cause profits to ________. A) be unchanged B) increase by $1,000 C) increase by $2,000 D) increase by $27,000

An increase in the replacement cost of the inventory held during the current period is referred to as a holding gain

Indicate whether the statement is true or false