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Lopez Sales Company had the followheg bslances in fis sccoums on January 1 , Year 2 . Lopez experienced the following events during Year 2

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Lopez Sales Company had the followheg bslances in fis sccoums on January 1 , Year 2 . Lopez experienced the following events during Year 2 : 1. Sold merchandise imventory that cost $30,400 for $64,600 2. Sold land that cost $39,200 for $73,500. Required: a. Determine the amount of gross margin recognized by tepez. b. Determine the amount of the gain on the sale of land recognized by Lopez

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