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Q2. At the end of the current year, the Waxhall Corporation paid $12,400 in connection with the acquisition of several pieces of inventory. This cost

Q2. At the end of the current year, the Waxhall Corporation paid $12,400 in connection with the acquisition of several pieces of inventory. This cost was capitalized when it should have been expensed. What is the impact of this misstatement on the company's financial statement totals? Reply

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