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Determine the treatment of each of the following items: Y-Mart Store has a policy of...

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Accounting

Determine the treatment of each of the following items:

Y-Mart Store has a policy of refunding purchases by dissatisfied customers, even though it is under no legal obligation to do so. Its policy of making refunds is generally known.

Fly With Me Ltd commenced operating a low budget airline two years ago. The law requires airlines to overhaul its aircraft once every three years. At the end of the reporting period, a number of the airlines planes have been in use for 2 years.

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