Lopez Sales Company had the following balances in its accounts on January 1,...
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Accounting
Lopez Sales Company had the following balances in its accounts on January 1, Year 2: Cash Merchandise Inventory Land Common Stock Retained Earnings $ 68,000 48,000 108,000 88,000 136,000 Lopez experienced the following events during Year 2: 1. Sold merchandise inventory that cost $38,400 for $81,600. 2. Sold land that cost $43,200 for $81,000. Required a. Determine the amount of gross margin recognized by Lopez. b. Determine the amount of the gain on the sale of land recognized by Lopez. a. Gross margin b. Gain on sale of land
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