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In its first year of business, Laker Corporation had sales of...

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Accounting

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In its first year of business, Laker Corporation had sales of $2,140,000 and cost of goods sold of $1,270,000. Laker expects returns in the following year to equal 6% of sales and 6% of cost of goods sold. The adjusting entry or entries to record the expected sales returns is (are)

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