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ABC Company is a merchandising business. In Year 3 , the business experienced the following events: 1. Purchased inventory for $530 cash. 2. Sold inventory
ABC Company is a merchandising business. In Year 3 , the business experienced the following events: 1. Purchased inventory for $530 cash. 2. Sold inventory costing $490 for $730. 3. Incurred $185 of selling and administrative expenses. 4. Paid a $20 dividend to stockholders. What is ABC Company's Net Income for Year 3? $525 $55 $545
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