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Question - 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.
a. What is Joe's recognized gain in 2014 and 2015?
b. Assume the same facts above except the selling price is $180,000 and Joe will collect $90,000 in 2014 and 2015. What is Joe's recognized gain in 2014 and 2015?
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