We own a company that we acquired through an asset purchase agreement. This is a refund check for State Labor and Industry premiums paid during the previous owner's ownership. When ownership was transferred, all claims were transferred to our account which raised our premiums as well.
Is this money considered an asset. In my opinion, it is an asset as we know how much the refund is going to be for the next two years (that will be the last refund at the end of two years). Additionally, we pay higher premiums due to claims being transferred hence we should get the refund as well.
Is the check considered an asset? and do we have a claim on the money?