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Problem - John owns a second home in Palm Springs, CA. During the year, he rented the house for $5,000 for 56 days and used the house for 14 days during the summer. The house remained vacant during the remainder of the year. The expenses for the home included $5,000 in mortgage interest, $850 in property taxes, $900 for utilities and maintenance, and $3,500 of depreciation. What is John's deductible rental loss, before considering the passive loss limitations?
a. $200
b. $875
c. $2,500
d. $3,200
e. $0
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Oak Furniture provided the following information relevant to its sales for December 2009 and the first quarter of 2010:
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youve just been hired onto abc company as the corporate controller. abc company is a manufacturing firm that
Journalize the transactions
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