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Loren Company properly reclassifies an investment that previously lacked significant influence to the equity method. Loren should (Select all that apply.) Multiple select question. include

Loren Company properly reclassifies an investment that previously lacked significant influence to the equity method. Loren should (Select all that apply.) Multiple select question. include a disclosure note describing the change to the equity method. recognize a gain or loss in net income income. use balance in the investment account at the date of change as the starting balance for applying the equity method. retroactively apply the equity method and restate previous years financial statements

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