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A company discovered that inventory that cost $1000 and normally sells for $1200, has become obsolete and will be scrapped next month. The effect of the adjusting journal entry is to:

A. decrease profit by $1000 and decrease total assets by $1000

B. decrease profit by $1200 and decrease total assets by $1000

C. decrease profit by $1200 and decrease total assets by $1200

D. decrease profit by $1000 and not affect total assets.

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