mechurag mechurag

21-04-2024
Business

Answered

Lopez Sales Company had the following balances in its accounts on January 1, Year 2: Cash$ 67,000 Merchandise Inventory47,000 Land107,000 Common Stock87,000 Retained Earnings134,000 Lopez experienced the following events during Year 2: Sold merchandise inventory that cost $37,600 for $79,900. Sold land that cost $42,800 for $80,300. Required: Determine the amount of gross margin recognized by Lopez. Determine the amount of the gain on the sale of land recognized by Lopez.

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