Author Question: On July 25 of this year, Raj sold land with a cost of $15,000 for $40,000. Raj collected $20,000 ... (Read 90 times)

Caiter2013 · **on:** Sep 13, 2020

Question 1

Malea sold a machine for $140,000. The machine originally cost $90,000 and $10,000 of MACRS depreciation had been allowable. The buyer assumed an existing loan of $40,000, paid $20,000 cash down and agreed to pay $10,000 per year for eight years plus interest. Selling expenses are $10,000. The contract price is
◦ $40,000.
◦ $80,000.
◦ $100,000.
◦ $130,000.

Question 2

On July 25 of this year, Raj sold land with a cost of $15,000 for $40,000. Raj collected $20,000 this year and is scheduled to receive $5,000 each year for four years starting next year plus an acceptable rate of interest. Raj's gain recognized this year is
◦ $7,500.
◦ $12,500.
◦ $20,000.
◦ $25,000.

mk6555 · **Reply #1 on:** Sep 13, 2020

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