Phillips Sales Company had the following balances in its accounts on January 1, 2014. Cash...
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Phillips Sales Company had the following balances in its accounts on January 1, 2014. Cash $64,000 Merchandise Inventory 44,000 Land 104,000 Common Stock 84,000 Retained Earnings 128,000 Phillips experienced the following events during 2014. 1. Sold merchandise inventory that cost $35,200 for $74,800. 2. Sold land that cost $41,600 for $78,000. Required a. Determine the amount of gross margin recognized by Phillips. b. Determine the amount of the gain on the sale of land recognized by Phillips.
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