Duke Company's records show the following account balances at December 31, 2016: $15,000,000 9,000,000 1,000,000 500,000 700,000 Sales . Cost of goods sold .. General and administrative expenses Selling expenses Interest expense
Income tax expense has not yet been determined. The following events also occurred during 2016. All transactions are material in amount. 1. $300,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $400,000 was written off as obsolete. Material losses of this type are considered to be unusual. 3. It was discovered that
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