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(1) In order to acquire Property #1, Holly transfers $50,000 of cash to George. In addition, Holly takes Property #1 subject to an existing $63,000

(1) In order to acquire Property #1, Holly transfers $50,000 of cash to George. In addition, Holly takes Property #1 subject to an existing $63,000 mortgage, gives George her own promissory note in the amount of $75,000 and a Corvette with a FMV of $47,000 and an adjusted basis in Hollys hands of $40,000.

(a) Journal Entry for Georges Sale?

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