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Essence Co. made the following sales of capital assets this year. Tax Basis Sale Price Asset A $60,000 $47,800 Asset B 112,500 116,000 Asset C

Essence Co. made the following sales of capital assets this year. Tax Basis Sale Price Asset A $60,000 $47,800 Asset B 112,500 116,000 Asset C 13,000 22,400 What is the effect of the three sales on Essence's taxable income? Group of answer choices $700 increase $12,900 increase No effect None of the above

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