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Refer to the information in the preceding problem. What effect do the debts have on Rays basis? Increase of $22,500 Increase of $25,000 Increase of

Refer to the information in the preceding problem. What effect do the debts have on Rays basis?

Increase of $22,500

Increase of $25,000

Increase of $45,000

Increase of $67,500

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