NEED ANSWER ASAP. NEED NEW ORIGINAL ANSWER NEVER USEDBEFORE
CA4-6 ETHICS (Classification of Income Statement Items) As auditpartner for Grupo and Rijo,you are in charge of reviewing theclassification of unusual items that have occurred during thecurrent year. The following material items have come to yourattention.
1. A merchandising company incorrectly overstated itsending inventory 2 years ago. Inventory for all other periods iscor- rectly computed.
2. An automobile dealer sells for $137,000 an extremelyrare 1930 S type Invicta which it purchased for $21,000 10 yearsago. The Invicta is the only such display item the dealerowns.
3. A drilling company during the current year extended theestimated
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