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Which of the following statement is not correct? a. If a note payable is secured, disclosures must specify what assets are pledged. b. Long term debts should be reported at their present values computed on the basis of both principal and interest. c. All liabilities must have definite amount owed and must not be contingent on a future event. d. Conceptually, liabilities should be valued at the present value of all cash to be paid in the future
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