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On January 1, year 1, Brecon Co. installed cabinets to display its merchandise in customers’ stores. Brecon expects to use these cabinets for 5 years. Brecon’s year 1 multi-step income statement should include A. One-fifth of the cabinet costs in cost of goods sold. B. All of the cabinet costs in cost of goods sold. C. One-fifth of the cabinet costs in selling, general, and administrative expenses. D. All of the cabinet costs in selling, general, and administrative expenses. |