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87. Dinosaur Junior Corporation purchased a one-year insurance policy in January 2015 for $75,000. The...

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Accounting

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87. Dinosaur Junior Corporation purchased a one-year insurance policy in January 2015 for $75,000. The insurance policy is in effect from May 2015 through April 2016. If the company neglects to make the proper year-end adjustment for the expired insurance A) net income and assets will be understated by $25,000. B) net income and assets will be understated by $50,000. C) net income and assets will be overstated by $25,000. D) net income and assets will be overstated by $50,000

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