Provide an Appropriate Response

question 25

Essay

Provide an appropriate response.
-Combine into a single fraction and simplify:

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Definitions:

Corporation

A legal entity that is separate and distinct from its owners, recognized as a person under law, capable of rights, duties, and holding property.

Legally Separate

A term used to describe entities that are recognized as distinct legal entities under the law, capable of entering into agreements and holding assets independently.

Cost Principle

An accounting principle that states assets and services should be recorded at their original cost, not their current market value.

Accounting Records

Documents that record and summarize financial transactions and events in accordance with accounting standards and principles.