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A business commenced with capital in cash of $1,000. Inventory costing $800 is purchased on credit, and half is sold for $1,000 plus sales tax, the customer paying in cash at once. The sales tax rate is 17.5%. What would the accounting equation after these transactions show? A. Assets $2,175 less Liabilities $975 equals Capital $1,200 B. Assets $1,775 less Liabilities $175 equals Capital $1,600 C. Assets $2,575 less Liabilities $975 equals Capital $1,600 D. Assets $2,575 less Liabilities $800 equals Capital $1,775 |