(1)On 1/1/20, Owl Co. paid $950,000 for equipment with an estimated 6-year useful life and $50,000 salvage, which Owl immediately expensed. If Owl discovers this error on 12/31/23, what are the financial statement effects of Owl's entry to correct their books and record depreciation for 2023?

A- A: IL: NESE: DNI: DCFs: NE

B- A: IL: NESE: INI: DCFs: I

C- A: IL: NESE: INI: DCFs: NE

D- A: IL: NESE: INI: ICFs: NE

(2) Using which method requires disclosure at the bottom of the statement of cash flows or in the financial statement notes for the transaction of acquiring land financed entirely by issuing a 10-year note payable?

A. Direct only

B. Neither Direct nor Indirect

C. Direct and Indirect

D. Indirect only