What is the gross profit reported in the current year


Problem

Rylant Corporation is a bookstore that buys and sells used books. In the current year, Rylant purchased $785,000 worth of used books to have as inventory in the store. In the same year, they sold all of the inventory for $826,000. What is the gross profit reported in the current year for Rylant Corporation?

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Financial Accounting: What is the gross profit reported in the current year
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