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Question 16. 16. On 1-1-2013, the first day of its fiscal year, the CFO of Sanchez Company discovered a material error in reported revenue in

Question 16. 16. On 1-1-2013, the first day of its fiscal year, the CFO of Sanchez Company discovered a material error in reported revenue in the 2010 financial statements. How should the company report and correct this error in its 2013 financial statements which reports the results for 2011, 2012, 2013? (Points : 3)

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