An Ordinary Expense I.is Normal, Common, and Accepted Under the Circumstances of the Circumstances

Multiple Choice

An ordinary expense
I.is normal, common, and accepted under the circumstances of the business community.
II.is an expense commonly incurred in an income-producing activity.
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A) Only statement I is correct.
B) Only statement II is correct.
C) Both statements are correct.
D) Neither statement is correct.