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Aja sells a parcel of land for $100,000 cash and the buyer also assumes Aja's liability of $10,000. The basis of the land is $70,000.
Aja sells a parcel of land for $100,000 cash and the buyer also assumes Aja's liability of $10,000. The basis of the land is $70,000. What is the gain or loss realized on the sale? Multiple Choice $30,000 gain. $10,000 gain. $20,000 gain. $40,000 gain.
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Financial Accounting
Authors: Carl S. Warren, Jim Reeve, Jonathan Duchac
14th edition
1305088433, 978-1305088436
