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On December 31, 2015, Special Insurance Costs, Incurred but Unpaid

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On December 31, 2015, special insurance costs, incurred but unpaid, were not recorded. If these insurance costs were related to work in process, what is the effect of the omission on accrued liabilities and retained earnings in the December 31, 2015 balance sheet? On December 31, 2015, special insurance costs, incurred but unpaid, were not recorded. If these insurance costs were related to work in process, what is the effect of the omission on accrued liabilities and retained earnings in the December 31, 2015 balance sheet?

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