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On October 5, Wang Company buys merchandise on account from Davis Company. The selling price of the goods is $4,950, and the cost to Davis

On October 5, Wang Company buys merchandise on account from Davis Company. The selling price of the goods is $4,950, and the cost to Davis Company is $3,200. On October 8, Wang returns defective goods with a selling price of $670 and a fair value of $120.

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