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Saved Help Save & Exit Subm A company...

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Accounting

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Saved Help Save & Exit Subm A company made an error in calculating and reporting amortization expense in Year 1. The error was discovered in Year 2. The item should be reported as a prior period adjustment: Multiple Choice o O on the Year 2 income statement. o o O on the Year 1 income statement. C ) on the Year 2 statement of retained earnings. o accounted for with a cumulative "catch-up" adjustment in Year 2 o ( ) on the Year 1 statement of retained earnings Saved An installment note is a liability of the issuing company that requires a series of payments to the lender. True or False True False

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