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Phillips Sales Company had the following balances in its accounts on January 1, 2014. Phillips experienced the following events during 2014. Sold merchandise inventory that

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Phillips Sales Company had the following balances in its accounts on January 1, 2014. Phillips experienced the following events during 2014. Sold merchandise inventory that cost $28,000 for $59, 500. Sold land that cost $38,000 for $71, 300 Determine the amount of gross margin recognized by Phillips. Determine the amount of the gain on the sale of land recognized by Phillips

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