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Q 2 Reserve for delay payment Inventory is sold for $60,000 which originally cost $40,000. Assume payment terms are $20,000 in 2022,2023 and the balance

image text in transcribed Q 2 Reserve for delay payment Inventory is sold for $60,000 which originally cost $40,000. Assume payment terms are $20,000 in 2022,2023 and the balance payable in 2024. Required: Calculate the reserve for 2022. Use minus sign when expense is deducted from Net income

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