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Mathematics, 08.09.2020 23:01 student8248
In Year 1. Lee Inc. billed its customers $62,000 for services performed. The company collected $51,000 of the amount billed. Lee
ncurred $39,000 of other operating expenses on account. Lee paid $31,000 of the accounts payable. Lee acquired $40,000 cash
from the issue of common stock. The company invested $21,000 cash in the purchase of land.
What amount of revenue will Lee report in the year 1 income statement?
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