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Items associated with public share issues such as 'underwriter fees' and 'share issue costs' are expenses. 'Calls in arrears is an asset because it represents

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"Items associated with public share issues such as 'underwriter fees' and 'share issue costs' are expenses. 'Calls in arrears is an asset because it represents money owed to the business. To show these items as adjustments to Owner's Equity in the balance sheet makes no sense." Do you agree or disagree? Explain. BIE Paragraph

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