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Ch. 9_32 - P9-32 1 Net income for 2004 was understated as...

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P9-32 1. Net income for 2004 was understated, as the $150,000 were not included as assets the company owned. 2. 2005 net income would be overstated $144,850. This would be because the assets would be recorded in the previous year's balance sheet. 150000(.12) =18000 18000(3) = 4500
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