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Which is correct when land costing is sold

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Problem 1: Which of the following is correct when land costing $10,000 is sold for $12,000? The land was a component of property and equipment on the balance sheet.

Operating income increases $12,000.

Cost of goods sold is credited for $10,000.

Revenues are debited for $12,000.

Gain on sale of land is credited for $2,000.

Reference no: EM132616282

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