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1. Assume that Chicago Corporation has an October 3 1 st fiscal year end and is a publicly traded corporation. What will be the first

1.

Assume that Chicago Corporation has an October

31

st fiscal year end and is a publicly traded corporation. What will be the first fiscal year that Chicago Corporation will use the new guidance?

$2.$ Assume that Illinois Corporation has a July $31$ st fiscal year end and is a privately held company. What will be the first fiscal year that Illinois Corporation will use the new guidance?

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