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Shankar Company uses a perpetual system to recard inventory transactions. The company putchases inventory on account on February 2 for $55.000 and then selis this inventory on account on Morch i1) for $76,500. Required: (a) Determine the financal statement effects for the purchase of inventory on account (b) Determine the financial statement effects for the salo of inventory on account. Complete this question by entering your answers in the tabs below