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N&B Incorporated sold land worth $ 3 8 5 , 0 0 0 . The purchaser paid $ 8 0 , 0 0 0 cash

N&B Incorporated sold land worth $

385, 000 .

The purchaser paid $

80, 000

cash and assumed N&B

'

s $

305, 000

mortgage on the land. N&B

'

s amou

realized on sale is $

385, 000 .

True or False

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