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Lopez Sales Company had the following balances in its accounts on January 1, Year 2: Lopez experienced the following events during Year 2: 1. Sold

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Lopez Sales Company had the following balances in its accounts on January 1, Year 2: Lopez experienced the following events during Year 2: 1. Sold merchandise inventory that cost $32,000 for $68,000. 2. Sold land that cost $40,000 for $75,000. Required a. Determine the amount of gross margin recognized by Lopez. b. Determine the amount of the gain on the sale of land recognized by Lopez

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