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Horizon Corporation manufactures personal computers. The company began operations in 2002 and reported profits for the years 2004 through 2009. Due primarily to increased competition

Horizon Corporation manufactures personal computers. The company began operations in 2002 and reported profits for the years 2004 through 2009. Due primarily to increased competition and price slashing in the industry, 2010's income statement reported a loss of $20 million. Just before the end of the 2011 fiscal year, a memo from the company's chief financial officer to Jim Fielding, the company controller, included the following comments:

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