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Revenue =$5,000,000 Total assets =$6,250,000 Profit before tax=$417,000 Consider the suitability of setting materiality for the financial statements as a whole at the following amounts:

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Revenue =$5,000,000 Total assets =$6,250,000 Profit before tax=$417,000 Consider the suitability of setting materiality for the financial statements as a whole at the following amounts: - $20,000 - $40,000 - $60,000 - $100,000 Indicate whether you think each of the following statements regarding the suitability of these amounts is correct or incorrect

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