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Lankton Company has the following account balances at year-end: Accounts receivable $190,000 Allowance for doubtful accounts 9,800 Sales discounts 3,200 Lankton reported accounts receivable at
Lankton Company has the following account balances at year-end:
Accounts receivable $190,000
Allowance for doubtful accounts 9,800
Sales discounts 3,200
Lankton reported accounts receivable at a net amount of $ 180,200. Explain in detail as to why they did not deduct the sales discount.
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