Question 18 (1 point) Saved Contract assets and liabilities cannot be recognized until both parties have performed under the contract. True False Question 19 (1 point) To apply the lower of cost and net realizable value to inventory, companies must compare the total cost of every inventory item to the total net realizable value of every inventory item. True False Question 20 (1 point) Solar Inc. made a large math error in calculating depreciation expense and the preparation of its year-end financial statements. The error caused the net income to be reported at almost double the correct amount. When Solar discovered the error in the following year, correction of the error should be treated as a(n) adjustment to beginning retained earnings, net of tax increase in depreciation expense for the year in which the error is discovered. O gain for the year in which the error was made. component of income for the year in which the error is discovered, but separately listed on the income