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The following items were among those that were reported on Lee Co.'s income statement for the year ended December 31: Legal and audit fees Rent
The following items were among those that were reported on Lee Co.'s income statement for the year ended December 31: Legal and audit fees Rent for office space $170,000 240,000 Interest on inventory floorplan Loss on abandoned data processing equipment used in operations The office space is used equally by Lee's sales and accounting departments. What amount of the above-listed items should be classified as general and administrative expenses in Lee's multiple-step income statement? A. $410,000 B. $325,000 C. $500,000 210,000 35,000
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