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3. On January 1, 20X2, Harris Inc. paid $40,000 in property taxes on its plant for the calendar year 20X2. In March 20X2, Harris made
3. On January 1, 20X2, Harris Inc. paid $40,000 in property taxes on its plant for the calendar year 20X2. In March 20X2, Harris made $120,000 in annual major repairs to its machinery. These repairs will benefit the entire calendar year's operations. How should these expenses be reflected in Harris's quarterly income statements? Three Months Ended March 31, June 30, September 30, 20X2 20X2 20X2 a. b. $ 22,000 40,000 C 70,000 d. 160,000 $46,000 40,000 30,000 0 $46,000 40,000 30,000 0 December 31, 20X2 $46,000 40,000 30,000 0
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