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20. ABC company made an ordinary repair to a piece of factory machinery for $200. The company debited the asset account, Equipment, for $200. Was
20. ABC company made an ordinary repair to a piece of factory machinery for $200. The company debited the asset account, Equipment, for $200. Was this an error, and if so, what will be the effect on ABC company's financial statements? a. Yes, the error overstated assets Yes, the error understated assets b. c. Yes, the error understated net income d. No, the repair was accounted for correctly
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