Compute what is joes recognized gain

Reference no: EM131884711

Problem

Joe England sold equipment on May 10, 2014 for $100,000. He bought the equipment on November 7, 2012 for $140,000, and accumulated depreciation at the date of sale was $60,000. Joe collected $50,000 in 2014 and will collect $50,000 in 2015. Joe used the installment method for the sale. What is Joe's recognized gain in 204 and 2015?

Reference no: EM131884711

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