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P. Lang's business owned property that had originally cost $40 000. he sold this property for $75 000. Lang recorded this transaction by increasing Cash

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P. Lang's business owned property that had originally cost $40 000. he sold this property for $75 000. Lang recorded this transaction by increasing Cash by $75 000 and decreasing Property by $75 000. Explain why his analysis is incorrect and how should he record the transaction

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