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Amarillo Company experienced the following events during its first accounting period. ( 1 ) Purchased $ 5 , 0 0 0 of inventory on account.
Amarillo Company experienced the following events during its first accounting period.
Purchased $ of inventory on account.
Returned $ of the inventory purchased in Event
Sold the inventory for $ cash.
Based on this information, show how the recognition of the return will affect the Companys financial statements.
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