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Notsofast Inc. acquired land for $500,000 on July 1, 2015. It erroneously recorded the full amount as an expense. Explain what Notsofast must do when

Notsofast Inc. acquired land for $500,000 on July 1, 2015. It erroneously recorded the full amount as an expense. Explain what Notsofast must do when it discovers the error in 2016

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