The president of a company used the company's Miscellaneous Expense account to record the purchase of a new house, bought solely for her personal use. Equipment with a fair value of $200,000 was acquired at a cost of $135.000, and revenue was recorded for the difference amount of $65,000. Merchandise inventory that cost $620,000 to buy from the manufacturer is being reported on the balance sheet of a retailer at $690,000, the expected selling price less estimated selling costs