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Hugment 1 quired Inform Saved neque USLU! (The following information applies to the questions displayed below.) Sage Inc. experienced the following transactions for Year 1,

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Hugment 1 quired Inform Saved neque USLU! (The following information applies to the questions displayed below.) Sage Inc. experienced the following transactions for Year 1, its first year of operations: Part 3 of 3 1. Issued common stock for $110,000 cash. 2. Purchased $190,000 of merchandise on account. 3. Sold merchandise that cost $156,000 for $310,000 on account. 4. Collected $278,000 cash from accounts receivable. 5. Paid $170,000 on accounts payable. 6. Paid $56,000 of salaries expense for the year. 7. Paid other operating expenses of $72,000. 8. Sage adjusted the accounts using the following information from an accounts receivable agil 2.5 points eBook Print Number of Days Past Due Current 0-30 31-60 61-90 Over 90 days Percent Likely to Be Allowance Uncollectible Balance 0.01 0.05 References Amount $19, 200 8,000 1,600 1,600 1,600 0.10 0.20 0.50 c. What is the net realizable value of the accounts receivable at December 31, Year 1? Net realizable value

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