Question

The following information was taken from Jackson Company's accounting records for 2017:

sales revenue ………………………..  $247,000 freight-in …………………………..    15,000 purchase returns ……………………..     8,000 rent expense …………………………    28,000 beginning inventory …………………..    22,000 bad debt expense ……………………..    19,000 purchases ……………………………    86,000 cost of goods sold ……………………      ? freight-out ………………………….    10,000 sales discounts ………………………    12,000 allowance for doubtful accounts ………..    18,000 purchase discounts ……………………      ? income tax expense ……………………    24,000 ending inventory ……………………..    17,000

Jackson Company reported a net income of $65,000 for 2017.

Calculate the amount of purchase discounts reported by Jackson Company during 2017. Do not use decimals in your answer.

 

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