The opinion paragraph of a CPA’s report states: “In our opinion, except for theeffects of not capitalizing certain lease obligations, as discussed in the precedingparagraph, the financial statements present fairly, in all material respects. . ..” Thisparagraph expresses a(n)(1) unqualified opinion.(2) unqualified opinion with explanatory paragraph.(3) qualified opinion.(4) adverse opinion.

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A:

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A:

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