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Question - An analysis of the cash book and other records of Bye Corporation shows the following data:
Accounts payable, January 1 160,000
Accounts payable, December 31 300,000
Cash purchases during the year 500,000
Payments on the accounts payable during the year 800,000
Purchase discounts taken 7,000
Required - How much purchases should be reported on the statement of comprehensive income for the year?
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