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You bought some land for $60,000. You sold the land for a $40,000 down payment and an installment note of $130,000 to be received next

You bought some land for $60,000. You sold the land for a $40,000 down payment and an installment note of $130,000 to be received next year. How much is the gross profit?__________________________ How much is the contract price?__________________________ How much is the gross profit percentage?____________________ How much taxable income should be reported in the year of sale?_____________________

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