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Which of the following is true when land is sold for a loss? A. The sales price reduces the land account on the balance sheet.
Which of the following is true when land is sold for a loss?
A. The sales price reduces the land account on the balance sheet. B. The gain or loss on the sale is always reported on the statement of cash flows. C. Cash is increased by the original cost of the land. D. The income statements reports the sales price of the land. E. None of the above are true.
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