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Book Hint Assume that a firm reports net income of $73,000 prior to making adjusting entries for the following items: expired rent, $5,300; depreciation expense,
Book Hint Assume that a firm reports net income of $73,000 prior to making adjusting entries for the following items: expired rent, $5,300; depreciation expense, $6,500; and supplies used, $1,900. Assume that the required adjusting entries have not been made. What effect do these errors have on the reported net income? Net income will be by
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