Mary is a CPA who reviews the financial statements for Company X. Mary is named...

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Accounting

Mary is a CPA who reviews the financial statements for Company X. Mary is named a trustee of a trust that will hold 100% of the common stock of Company X once X's shareholder dies. Mary reviews the December 31, 20X1 financial statements and issues the financial statements and report on March 31, 20X2. The shareholder dies on March 5, 20X2 and Mary becomes the sole trustee on that date. Which of the following is correct:

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