The number of years of income statement information to be presented is 2 years under both GAAP and 3 years under both GAAP and 2 years under GAAP and 3 years under 3 years under GAAP and 2 years under QUESTION 3 Freight costs paid by a seller on merchandise sold to customers will cause an increase in the selling expense of the buyer. in operating expenses for the seller. to the cost of goods sold of the seller. to a contra-revenue account of the seller