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Required information The following information applies to the questions displayed below.] Rafael sold an asset to Jamal. What is Rafael's amount realized on the sale
Required information The following information applies to the questions displayed below.] Rafael sold an asset to Jamal. What is Rafael's amount realized on the sale in each of the following alternative scenarios? a. Rafael received $126,500 cash and a vehicle worth $15,900. Rafael also paid $8,850 in selling expenses. Amount realized b. Rafael received $118,000 cash and was relieved of a $27,750 mortgage on the asset he sold to Jamal. Rafael also paid a commission of $6,600 on the transaction. Amount realized c. Rafael received $43,500 cash, a parcel of land worth $52,500, and marketable securities of $15,100. Rafael also paid a commission of $11,400 on the transaction. Amount realized
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