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James owns 30% of Sands and uses the equity method. During 2023 James sells Sands...

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Accounting

James owns 30% of Sands and uses the equity method. During 2023 James sells Sands inventory for $75,000. The original costs was $50,000. Sands sells all the inventory in 2023 to outsiders. How should James report the effect of the related party sale in its 2023 Financial Statements?

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