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What is the gain or loss on purchasing power

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Poseidon Company provided the following information for 2019:

Net Monetary Assets - January 1, 2019 880,000

Sales 3,900,000

Purchases 2,340,000

Expenses 975,000

Income Tax 585,000

Cash dividend paid on December 31, 2019 200,000

Problem 1: The sales, purchases, expenses and income tax accrued evenly during the year. Index numbers for 2019 are 110 on January 1 and 280 on December 31. What is the gain or loss on purchasing power for 2019?

a. 1,360,000 gain

b. 1,360,000 loss

c. 200,000 gain

d. 200,000 loss

Reference no: EM132769561

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