In 2023, Elsa sold a building for $375,000 cash and a car. The car had a fair
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In 2023, Elsa sold a building for $375,000 cash and a car. The car had a fair market value on the date of sale of $18,000. Elsa originally purchased the building for $810,000 and had taken $370,000 of depreciation on the building through the date of sale .The buyer also assumed Elsa’s mortgage balance of $80,000.
What is Elsa’s realized gain or loss on the sale?
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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