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Carol Keene, corporate comptroller for Dumaine Industries, is trying to decide how to present "Property, plant, and equipment" in the balance sheet. She realizes that the statement of cash flows will show that the company made a significant investment in purchasing new equipment this year, but overall she knows the company's plant assets are rather old. She feels that she can disclose one figure titled "Property, plant, and equipment, net of depreciation," and the result will be a low figure. However, it will not disclose the age of the assets. If she chooses to showthe cost less accumulated depreciation, the age of the assets will be apparent. She proposes the following.
InstructionsAnswer the following questions.(a) What are the ethical issues involved?(b) What should Keene do?
Merchandise with a sales price of $460 is sold on account with term 2/10, n/30. What does the journal entry to record the sale include?
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Production and sales estimates for April are as follows:
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