Question
14. Robert transferred his rent house to his best friend, The house had cost $200,000 and depreciation of $12,500 had claimed. The house was subject
14. Robert transferred his rent house to his best friend, The house had cost $200,000 and depreciation of $12,500 had claimed. The house was subject to an assumable loan of $180,000. Robert received $20,000 cash. How much is Robert's gain or loss realized?
A.$-0-
B. $7.500 loss
C. $20,000 gain
D. $12,500 gain
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Advanced Financial Accounting
Authors: Richard Baker, Valdean Lembke, Thomas King, Cynthia Jeffrey
7th Edition
0073526746, 978-0073526744
