Question
Abby sells real property for $300,000. The buyer pays $5,000 in property taxes that had accrued during the year while the property was still legally
Abby sells real property for $300,000. The buyer pays $5,000 in property taxes that had accrued during the year while the property was still legally owned by Abby. In addition, Abby pays $15,000 in commissions and $3,000 in legal fees in connection with the sale. How much does Abby realize (the amount realized) from the sale of her property?
| a. | $277,000 | |
| b. | $282,000 | |
| c. | $287,000 | |
| d. | $300,000 | |
| e. | None of the above |
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Intermediate Accounting
Authors: kieso, weygandt and warfield.
IFRS Edition
978-1118443965, 1118800532, 9781118800539, 978-0470873991
