Question
ABC, LLC bought a commercial retail income producing property (no land) on Jan 1, 2014 for $1,000,000 and sold it December 21, 2016 for $1,200,000.
ABC, LLC bought a commercial retail income producing property (no land) on Jan 1, 2014 for $1,000,000 and sold it December 21, 2016 for $1,200,000. Calculate the realized and recognized gain for this sales transaction.
1. $949,787
2. $925,213
3. $274,786
4. $50,213
5. None of the above
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Company Accounting
Authors: Ken Leo, John Hoggett, John Sweeting, Jennie Radford
8th Edition
0470819731, 978-0470819739
