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Rayburn Corporation has a building that it bought during year O for $850,000. It sold the building in year 5. During the time it held
Rayburn Corporation has a building that it bought during year O for $850,000. It sold the building in year 5. During the time it held the building Rayburn depreciated it by $100,000. What is the amount and character of the gain or loss Rayburn 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. Rayburn receives $700,000. Amount Description Total Gain/(Loss) Recognized NA $ 0 $1231 gain/loss
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