Question
A buyer (unrealted party) brought an investment land from Smith for $250,000 cash, assumed Smith's $600,000 mortgage on the land, and gave Smith its $580,000
A buyer (unrealted party) brought an investment land from Smith for $250,000 cash, assumed Smith's $600,000 mortgage on the land, and gave Smith its $580,000 ten-year, interest-bearing note. Compute Smith's amount realized on sale.
A. $850,000
B. $830,000
C. $1,430,000
D. $250,000
Please include an explanation for a positive rating
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The Successful Audit New Ways To Reduce Risk Exposure And Increase Efficiency
Authors: Felix Pomeranz
1st Edition
1556233914, 978-1556233913
