The following selected account balances were taken from ABC Company's general ledgers for 2019: January...

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Accounting

The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 61,000 36,000 Notes payable 95,000 81,000 Unearned revenue 18,000 25,000 Accounts payable 49,000 53,000 Retained earnings 23,000 42,000 Land 80,000 ? Common stock 38,000 92,000 Accounts receivable 53,000 77,000 ABC Company's 2019 income statement included sales revenue of $420,000, loss on sale of land of $14,000, and net income of $32,000. ABC Company's 2019 statement of cash flows included the following: Cash paid to purchase inventory ............ $326,000 Cash paid to purchase land ................. $ 98,000 Cash received from the sale of land ........ $ 42,000 Calculate the balance in the land account at December 31, 2019.

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