For each of the following situations, indicate the effect on assets, net income, and retained earnings at
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Question:
For each of the following situations, indicate the effect on assets, net income, and
retained earnings at December and as follows:
O if the financial statement element is overstated.
U if the financial statement element is understated.
NE if there is no effect on the financial statements.
Provide a brief explanation for the choice
Note: please present in a table form
a A machine with a year useful life was expensed when purchased in
b Did not accrue interest expense on a note payable at Dec Interest
expensed when paid in
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