What was bob realized gain on the sale

Reference no: EM13131451

Bob owns a rental property that he bought several years ago for $260,000. He has taken depreciation on the house of $37,000 since buying it. e sells it in 2011 for $290,000. His selling expenses were $12,000 for the year. What was Bob's realized gain on the sale?

a. $30,000
b.$55,000
c.$67,000
d.$18,000
e.none of the above

Reference no: EM13131451

Questions Cloud

Theory of purchasing power parity : Discuss and critically evaluate this statement with reference to the theory and empirical evidence relating to the "law of one price" and the theory of purchasing power parity (PPP).

Activities accounts at the inception : Equipment acquired under capital leases and used by activities accounted for in governmental funds should be recorded in the governmental activities accounts at the inception of the lease at:

Find probability that six cans will be between given value : The amount in each can and find the average, the probability that the average of the six cans will be between 11.9 and 12.1 oz equals which standard normal probability?

Identify which of the expenses are deductible and indicate : Identify which of the expenses are deductible, and indicate whether they are deductions for or from AGI.

What was bob realized gain on the sale : Bob owns a rental property that he bought several years ago for $260,000. He has taken depreciation on the house of $37,000 since buying it. e sells it in 2011 for $290,000. His selling expenses were $12,000 for the year. What was Bob's realized g..

Projects fund for a multi-year capital project : What journal entry should be made at the beginning of the fiscal year to reestablish the Encumbrances account of a capital projects fund for a multi-year capital project?

Illustrate what amount of revenue and cash flow resulted : Merchandise inventory costing $20,000 was sold to customers for $28,000 cash. Illustrate what amount of revenue and cash flow resulted from this transaction?

Prepare the journal entry for the purchase : On December 31, 2012, Faital Company acquired a computer from Plato Corporation by issuing a $600,000 zero-interest-bearing note, payable in full on December 31, 2016.

Debited to construction expenditure : In late June, the Everest Construction Co. submitted a progress billing on a construction contract for $500,000. On July 2, the bill was approved for payment, subject to a five percent retention, as provided by the contract. The amount that should..

User Account

All Pages