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Niagara Corporation purchased a one-year insurance policy in January 2010 for $66,000. The insurance policy is in effect from March 2010 through February 2011. If the company neglects to make the proper year-end adjustment for the expired insurance: Net income and assets will be overstated by $11,000. Net income and assets will be understated by $55,000. Net income and assets will be overstated by $55,000. Net income and assets will be understated by $11,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9982766

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