Question: Choose the response that correctly completes the next sentence regarding gain recognition on the repossession of real property. The recognized gain of a seller repossessing

Choose the response that correctly completes the next sentence regarding gain recognition on the repossession of real property. The recognized gain of a seller repossessing property previously sold in an installment sale is limited to the: Gross profit on the original sale. Gross profit on the original sale, minus the total gain already reported, minus the cost of repossession. Sales price of the property minus the total gain already reported. Sales price of the property plus the total gain already reported, minus the cost of repossession

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