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Each of the following items is shown in the financial statements of ExxonMobil Corporation. Identify the financial statement (balance sheet or income statement) in which each item would appear.
a. Accounts payableb. Cash equivalentsc. Crude oil inventoryd. Equipmente. Exploration expensesf. Income taxes payableg. Investmentsh. Long-term debti. Marketable securitiesj. Notes and loans payablek. Notes receivablel. Operating expensesm. Prepaid taxesn. Saleso. Selling expenses
Prepare the consolidated financial statements for Peony at December 31, 20X6 using the direct method. Show all your work.
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