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Elizabeth sold her used college textbooks for $550. She qualified for a discount program so...

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Accounting

Elizabeth sold her used college textbooks for $550. She qualified for a discount program so the textbooks only cost her $350 even though the retail price on the books were $700. Calculate Elizabeths recognized gain or loss on the sale.

$200 gain $550 gain $150 loss $0 gain or loss

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