question archive Applying LCNRV, NeCo determines that as of December 31, 20X3, merchandise that originally cost $46,300 is now $43,500 at NRV
Applying LCNRV, NeCo determines that as of December 31, 20X3, merchandise that originally cost $46,300 is now $43,500 at NRV
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Applying LCNRV, NeCo determines that as of December 31, 20X3, merchandise that originally cost $46,300 is now $43,500 at NRV. NeCo determines that the loss is not material enough to warrant disclosure as a line item on its income statement. Therefore it should . . .
a. make no entry but disclose the loss in a note on the financial statements.
b. make no entry and make no disclosure.
c. make an entry to reduce retained earnings.
d. make an entry to increase cost of goods sold.
Option 1
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