Question
Moran owns a building he bought during year 0 for $228,000. He sold the building in year 6. During the time he held the building,
Moran owns a building he bought during year 0 for $228,000. He sold the building in year 6. During the time he held the building, he depreciated it by $55,750.
What are the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative situations? (Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable. Leave no answer blank. Enter zero if applicable.)
c. Moran received $165,000.
| Total Gain/(Loss) Recognized | |
| NA | 0 |
| Remaining 1231 gain (loss) | $(7250) |
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Management and Cost Accounting
Authors: Colin Drury
8th edition
978-1408041802, 1408041804, 978-1408048566, 1408048566, 978-1408093887
