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Which of the following is correct when land costing $27000 is sold for $35,000? The...

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Accounting

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Which of the following is correct when land costing $27000 is sold for $35,000? The land was a component of property and equipment on the balance sheet Multiple Choice Cost of goods sold is credited for $27000 Gain on sale of land is credited for $8.000 Operating income increases $35.000 Revenues are debited for $35.000

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