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Dewayne's investment property was condemned. He purchased the property for $210,000; received a net condemnation award of $250,000; and purchased replacement property for $280,000. What
| Dewayne's investment property was condemned. He purchased the property for $210,000; received a net condemnation award of $250,000; and purchased replacement property for $280,000. What is the amount of gain recognized after the replacement property is purchased? |
| $0 | |
| $40,000 | |
| $210,000 | |
| $250,000 |
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Auditing And Assurance Services
Authors: By David N. Ricchiute
6th Edition
0324024029, 9780324024029
