Question
In 2022, Skylar sold equipment for $116,800 cash and a $1,168,000 note due in two years. Skylar's cost of the property was $934,400, and he
In 2022, Skylar sold equipment for $116,800 cash and a $1,168,000 note due in two years. Skylar's cost of the property was $934,400, and he had deducted depreciation of $560,640.
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? $ 911,040 CORRECT
b. In the year of sale, how much 1245 gain does Skylar recognize? $ How much gain can be deferred under the installment sale method? $
I completed PART A and it was CORRECT, but I cannot solve PART B
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