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Which is correct when land costing $25,000 is sold for $30,000? The land was included...

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Accounting

Which is correct when land costing $25,000 is sold for $30,000? The land was included in property and equipment on the balance sheet.

As of January 1, 2020, White company had assets of $350,000 and liabilities of $150,000. During 2020, assets increased $55,000 and liabilities increased $15,000. Then, how much is the equity at the end of 2020?

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