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Assume Westjet repaired one of its Boeing 7 3 7 aircraft at a cost of S 0 . 8 million, which Westjet paid in cash.
Assume Westjet repaired one of its Boeing aircraft at a cost of S million, which Westjet paid in cash. Further, assume that the Westjet accountant erroneously capitalized this cost as part of the cost of the plane.Show the effects of the accounting error on Westjet's income statement and balance sheet.
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