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Question 12 ABC Company made two purchases at the beginning of Year 1: . Inventory costing $70 Land costing $900 Both were sold during

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Question 12 ABC Company made two purchases at the beginning of Year 1: . Inventory costing $70 Land costing $900 Both were sold during Year 1: Inventory for $100 . Land for $1200 How much gain would ABC Company show on its Year 1 Income Statement? $330 $300 $30 50

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