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Puget Sound Co. sold marketable securities costing $80,000 for $92,000 cash. In the company’s income statement and statement of cash flows, respectively, this will appear as _____?

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Puget Sound Co. sold marketable securities costing $80,000 for $92,000 cash. In the company’s income statement and statement of cash flows, respectively, this will appear as _____? Answer: A $12,000 gain and a $92,000 cash receipt.

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