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A company has incurred the following environmental costs: Pollution control equipment: $100,000 Waste disposal: $50,000 Environmental fines: $20,000 Research and development for cleaner technology: $30,000

A company has incurred the following environmental costs:

  • Pollution control equipment: $100,000
  • Waste disposal: $50,000
  • Environmental fines: $20,000
  • Research and development for cleaner technology: $30,000
Requirements:(a) Classify the environmental costs as capital or operating expenses. (b) Prepare the journal entries for the environmental costs. (c) Analyze the impact of environmental costs on financial performance. (d) Discuss the importance of environmental accounting.

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