Question: Would you classify each of the following as transitory or

Would you classify each of the following as transitory or permanent in the entity's financial statements? Explain your reasoning.
a. A company makes a payment to a competitor to settle an industrial espionage law suit.
b. A company makes a large payment in support of a charity event.
c. Revenues and expenses at a division a company will be selling within two months.
d. A company reduces its prices because its competitors' prices have decreased.


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  • CreatedFebruary 26, 2015
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