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On October 5, Loomis Company buys merchandise on account from Brooke Company. The selling price of the goods is $5,350, and the cost to Brooke

On October 5, Loomis Company buys merchandise on account from Brooke Company. The selling price of the goods is $5,350, and the cost to Brooke Company is $2,660. On October 8, Loomis returns defective goods with a selling price of $660 and a fair value of $60. Record the transactions on the books of Brooke Company.

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