During december of year 1, nile co. incurred special insurance costs but did not record these costs until payment was made during the following year. these insurance costs related to inventory that had been sold by december 31, year 1. what is the effect of the omission on nile’s accrued liabilities and retained earnings at december 31, year 1?
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During december of year 1, nile co. incurred special insurance costs but did not record these costs...
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