On December 31st, Toby's Secret Name Corp. raised $72,000 in cash by issuing bonds. The $72,000 principal amount on the bonds is due to be repaid in 10 years. The accountant recorded this transaction by increasing cash and current liabilities. If this mistake was corrected, the effects on the following accounts would b?

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If the mistake in recording the issuance of bonds was corrected the effects on the following a... View the full answer