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Question

Listed below are five items that may-or may not-require disclosure in the notes that accompany financial statements.
b. One of the most popular artists at Spectacular Comics is leaving the company and going to work for a competitor.

Instructions
For each case, explain what, if any, disclosure is required under generally accepted accounting principles. Explain your reasoning.

Solution

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In this problem, we are asked to determine whether the case presented requires disclosure in the notes that accompany financial statements.

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