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Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josefs accountant may be desirable.

Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josefs accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $304,510. Discussions with the accountant reveal the following.

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