Ern Inc., a car dealer, sells five vehicles on January 1, 2020, to a customer for $100,000.The

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Ern Inc., a car dealer, sells five vehicles on January 1, 2020, to a customer for $100,000.The cost of the vehicles sold was $ 80,000. It agrees to repurchase the five vehicles from the customer on December 31, 2021, for a price of $110,250.

What is the total amount of sales revenue recognized for the transaction in 2020?

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Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

Posted Date: Jun 02, 2023 02:45 AM

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Ern Inc., a car dealer, sells five vehicles on January 1, 2020, to a customer for $100,000.The

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Income Tax Fundamentals 2013

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