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On June 30, Brink Corporation leased equipment and treated the lease agreement as an operating...

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Accounting

On June 30, Brink Corporation leased equipment and treated the lease agreement as an operating lease when in fact the lease should have been accounted for as a finance lease.What effects will this error have on Brinks liabilities and net income on June 30? Liabilities understated; net income understated Liabilities understated; net income no effect Liabilities no effect; net income no effect Liabilities no effect; net income understated

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