Gross income must steve recognize because of the discount

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Steve is an employee of Giant Valley Auto City. The company allows all employees to receive a 35% discount on service to their personal vehicles. Steve paid $325 for labor and $650 for parts incurred for repairs to his truck that normally costs $500 for labor and $1,000 for parts. Parts used in completing the repairs were purchased by Giant Valley Auto City for $700. How much gross income must Steve recognize because of the discount?

Reference no: EM13792568

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