Recognized gain on the sale

Assignment Help Accounting Basics

Reference no: EM13153412

Louis sold his farm during the current taxable year. At the date of the sale, the farm had an adjusted basis of $212,000 and was encumbered by a mortgage of $190,000. The buyer paid him $110,000 in cash, agreed to take the title subject to the $190,000 mortgage, and agreed to pay him $80,000 with interest at 9 percent one year from the date of sale. How much is Louis' recognized gain on the sale?

Reference no: EM13153412

Questions Cloud

Define oxygen a person consume at every breath : Assume every breath a person took is 0.5L of air, figure out how many grams of Oxygen you consume at every breath. Now assume that you breathe 30 times per second, figure out how long it took for you to consume all the oxygen in a sealed room of 1..

What is the probability that he makes at least two : He is fouled attempting a three-point shot and is awarded three free throws. Assuming each free throw is independent, what is the probability that he makes at least two of the free throws?

Did the flasks that visually had the most dead cells : Did the flasks that visually had the most dead cells in them have significantly more cells stain blue when Trypan Blue was added than the flasks that appeared healthy (The answer is NO).

Managerial significance of the accounting : Prepare the appropriate journal entries for fiscal 2007. Assume the marina operator is unsophisticated in business. Explain the managerial significance of the accounting above to this person.

Recognized gain on the sale : The buyer paid him $110,000 in cash, agreed to take the title subject to the $190,000 mortgage, and agreed to pay him $80,000 with interest at 9 percent one year from the date of sale. How much is Louis' recognized gain on the sale?

What are expectation and variance for distribution and pmf : Only 40% of these eruptions last longer than 2 minutes. For each of the following random variables, write down the distribution and the PMF. (Identify all parameters) What are the expectation and variance?

Unique challenges that hospitals face : What are some of the unique challenges that hospitals face when attempting to create a supportive organizational culture

What is the marginal propensity to expend : if income were hypothetically $0 aggregate expenditures would be $2,500. What is the marginal propensity to expend?

Factory overhead account at the end of the period : If a company applies overhead to production with a predetermined rate, a credit balance in the Factory Overhead account at the end of the period means that:

User Account

All Pages