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Grey Co. sold merchandise to South Co. on account, $18,000, terms 2/15, net 45. The cost of the merchandise sold is $15,500. Gray Co. issued

Grey Co. sold merchandise to South Co. on account, $18,000, terms 2/15, net 45. The cost of the merchandise sold is $15,500. Gray Co. issued a credit memo for $1,750 for merchandise returned that originally cost $1,400. The South Co. paid the invoice within the discount period. What is amount ofnet salesfrom the above transactions?

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