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In 2018, Skylar sold an apartment building for $181,400 cash and a $1,814,000 note due in two years. Skylar's cost of the property was $1,451,200,
In 2018, Skylar sold an apartment building for $181,400 cash and a $1,814,000 note due in two years. Skylar's cost of the property was $1,451,200, and he had deducted depreciation of $870,720, $348,288 of which was in excess of what the straight-line amount would have been.
If required, round any division to two decimal places and your final answers to the nearest dollar.
a. Under the installment sales method, what is Skylar's total realized gain?
Round any division to two decimal places, and use in subsequent computations. If require, round your final answer to the nearest dollar. Under the installment sales method, the total contract price is amount of gain reported in 2018 is , the total gain on the sale is and theStep by Step Solution
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