I got a little conundrum for you, its called find the asset:
Situation:
I have a contract to buy a piece of land for $50,000, but I also have a contract to sell that same piece of land for $100,000.
1.. Do I have an asset? 2.. If yes, what is its value? The options I see are the face of the contract, or the net of both of the contracts. Any ideas or at least where would I look?