Question
Rafael sold an asset to Jamal. What is Rafael's amount realized on the sale in each of the following alternative scenarios? 1) Rafael received $117,500
Rafael sold an asset to Jamal. What is Rafael's amount realized on the sale in each of the following alternative scenarios?
1) Rafael received $117,500 of cash and a vehicle worth $19,400. Rafael also pays $10,000 in selling expenses. Amount Realized?______ 2) Rafael received $120,500 of cash and was relieved of a $43,500 mortgage on the asset he sold to Jamal. Rafael also paid a commission of $9,750 on the transaction. Amount Realized?______ 3) Rafael received $32,000 of cash, a parcel of land worth $94,000, and marketable securities of $16,400. Rafael also paid a commission of $7,050 on the transaction. |
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