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Drexler Corp. has a June 30 fiscal year-end and plans to issue its annual (Year 3) financial statements by September 30, Year 3. On August

Drexler Corp. has a June 30 fiscal year-end and plans to issue its annual (Year 3) financial statements by September 30, Year 3. On August 15, a warehouse fire destroys an estimated $250,000 of inventory. As a result of the fire, in its Year 3 financial statements Drexler should

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