Question: Audio Affection Inc sells automotive and home stereo equipment
Audio Affection, Inc. sells automotive and home stereo equipment. It has 50,000 shares of $100 par common stock outstanding and 10,000 shares of $2, $100 par cumulative preferred stock outstanding as of December 31, 2006. List the errors you find in the following income statement for the year ended December 31,2006.
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