Abel Company must write-down its inventory by $30,000 to the net realizable value of $450,000...
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Accounting
Abel Company must write-down its inventory by $30,000 to the net realizable value of $450,000 at December 31, 2016. What is the effect of this writedown on the year 2016 financial statements?
Increase pretax income.
Decrease accounts payable.
Decrease cost of goods sold.
Decrease ending inventory on the balance sheet.
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