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Business, 24.04.2020 18:40 iamPaola

Lopez Sales Company had the following balances in its accounts on January 1, 2018: Cash $ 55,000 Merchandise Inventory 35,000 Land 95,000 Common Stock 75,000 Retained Earnings 110,000 Lopez experienced the following events during 2018: Sold merchandise inventory that cost $28,000 for $59,500. Sold land that cost $38,000 for $71,300. Required Determine the amount of gross margin recognized by Lopez. Determine the amount of the gain on the sale of land recognized by Lopez.

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Lopez Sales Company had the following balances in its accounts on January 1, 2018: Cash $ 55,000 Mer...
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