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Question - During 2020 Saggy's Store had sales of $72,000; cash received of $70,000 of which $2,000 was classified as unearned revenue; cost of goods sold of $24,000; and cash paid for inventory of $18,000. What was Saggy's gross profit for the year?
a. $48,000
b. $46,000
c. $40,000
d. $42,000
e. None of the above
Required - Develop a schedule to calculate both basic and diluted earnings per share for the year ended December 31, 2017
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Assume that Pace uses the fully adjusted equity method. Record all journal entries that relate to its investment in the British subsidiary during 20X8.
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