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Dunston Company will receive $500,000 in a future year

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Dunston Company will receive $500,000 in a future year. If the future receipt is discounted at an interest rate of 10%, its present value is $256,580. In how many years is the $500,000 received? 5 years O 8 years O Answer can't be determined with facts given 6 years O 7 years Question 8 2 pts Which of the following statements is incorrect regarding the lower-of-cost-or-net realizable value rule? All of these are incorrect statements It tends to overstate revenues. It is inconsistent because losses are recognized but not gains. It can increase future income if the expected reductions do not materialize.