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merando corporation have list boat in assets. the boat actually belongs to jensen not to merando corporation. However, because he thinks he might take customer
merando corporation have list boat in assets. the boat actually belongs to jensen not to merando corporation. However, because he thinks he might take customer out on the boat ocassionally, he decided to list it as asset of the company. To be consistent, he listed as a liability of the corporation his personal loan that he took out at the bank to buy the boat.
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