Determine the Proper Classification(s) of the Asset Discussed in the Following

question 55

Multiple Choice

Determine the proper classification(s) of the asset discussed in the following scenario: Judge Ruiz purchased a new brass-trimmed gavel to use in her courtroom.
I.Personal use property.
IV.Intangible property.
II.Business use property.
V.Real estate.
III.Tangible property.
VI.Personal property.
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• A)Statements I and III are correct.
• B)Only statement VI is correct.
• C)Statements II and III are correct.
• D)Statements II, III, and VI are correct.
• E)Statements II and VI are correct.

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Definitions:

Lava Flow

Molten rock expelled by a volcano during an eruption that moves over the ground’s surface, eventually cooling and solidifying.

Intermediate

A term often used to describe a middle or median condition, quality, or degree, such as in the context of volcanic rocks that have silica content between felsic and mafic compositions.

Vesicular Basalt

A basalt that contains vesicles.

Basalt

A fine-grained, dark volcanic rock created through the quick cooling of basaltic lava when it is exposed at, or just beneath, the earth's surface.