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Posted: March 3rd, 2023
Gross receipts from the transaction
On December 31, 2015, the company sold an appliance for $1,200. The company received $500 cash and a note from the customer for $700 and $260 interest, to be paid at the rate of $40 a month for 24 months. Because of the customer's poor credit record, the fair market value of the note was only $600. The cost of the appliance was $750.2015 gross receipts from the transaction are $ and the gross profit from the transaction is $ .
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