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Problem 01-08 (Algo) [LO 1-4] Hellot Company operates its business in State H, which levies a 6 percent sales and use tax. This year,
Problem 01-08 (Algo) [LO 1-4] Hellot Company operates its business in State H, which levies a 6 percent sales and use tax. This year, Hellot purchased a $872,500 item of tangible property in State K and paid $26,175 sales tax to the state. It also purchased a $940,000 item of tangible property in State L and paid $63,920 sales tax to the state. Firm H transported both Items of property into State H for use in its business. Required: a. Compute the use tax that Hellot owes to State H for the property purchased in State K. b. Compute the use tax that Heliot owes to State H for the property purchased in State L. Complete this question by entering your answers in the tabs below. Required A Required B Compute the use tax that Hellot owes to State H for the property purchased in State K. Pre credit use tax Sales tax paid to State K Use tax owed to State H Amount
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