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On June 30, Brink Corporation leased equipment and treated the lease agreement as an operating lease when in fact the lease should have been accounted
On June 30, Brink Corporation leased equipment and treated the lease agreement as an operating lease when in fact the lease should have been accounted for as a finance lease.What effects will this error have on Brinks liabilities and net income on June 30? Liabilities understated; net income understated Liabilities understated; net income no effect Liabilities no effect; net income no effect Liabilities no effect; net income understated
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