Sol purchased land as an investment on January 12, 2010 for $85,000. On January 31, 2016, Sol sold the land for $30,000 cash. In addition, the purchaser assumed the mortgage of $70,000 on the land. What is the amount of the realized gain or loss on the sale?

a.$15,000 gain

b.$65,000 loss

c.$90,000 gain

d.$5,000 gain

e. None of these choices are correct.

Answer rating: 100% (QA)

a 15000 gain Particulars Amount Sa... View the full answer