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LMN Corporation purchased inventory for $40,000 on credit terms of 2/10, net 30. They paid for the inventory within the discount period. Requirements: a. Record

LMN Corporation purchased inventory for $40,000 on credit terms of 2/10, net 30. They paid for the inventory within the discount period. Requirements: a. Record the purchase of inventory by LMN Corporation. b. Calculate the cash discount available. c. Prepare the journal entry to record the payment for the inventory. d. Determine the total amount paid.

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