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#26 Tabodi Corp. has been undergoing liquidation since January 1. As of June 30, its condensed statement of realization and liquidation is presented below: Assets realized 105,000 Interest on investment 525 Purchases 5,250 Assets acquired 17,500 Liabilities assumed 5,250 Payment expense of trustee 26,250 Liabilities to be liquidated 227,500 Sales on account 17,500 Assets not realized 147,000 Liabilities not liquidated 111,475 Sales for cash 87,500 Assets to be realized 332,500 Liabilities liquidated 122,500 The net gain(loss) on realization and liquidation is Group of answer choices (61,250) Any other amount (25,000) 61,250 25,000

#26 Tabodi Corp. has been undergoing liquidation since January 1. As of June 30, its condensed statement of realization and liquidation is presented below: Assets realized 105,000 Interest on investment 525 Purchases 5,250 Assets acquired 17,500 Liabilities assumed 5,250 Payment expense of trustee 26,250 Liabilities to be liquidated 227,500 Sales on account 17,500 Assets not realized 147,000 Liabilities not liquidated 111,475 Sales for cash 87,500 Assets to be realized 332,500 Liabilities liquidated 122,500 The net gain(loss) on realization and liquidation is Group of answer choices (61,250) Any other amount (25,000) 61,250 25,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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#26

Tabodi Corp. has been undergoing liquidation since January 1. As of June 30, its condensed statement of realization and liquidation is presented below:

  • Assets realized 105,000
  • Interest on investment 525
  • Purchases 5,250
  • Assets acquired 17,500
  • Liabilities assumed 5,250
  • Payment expense of trustee 26,250
  • Liabilities to be liquidated 227,500
  • Sales on account 17,500
  • Assets not realized 147,000
  • Liabilities not liquidated 111,475
  • Sales for cash 87,500
  • Assets to be realized 332,500
  • Liabilities liquidated 122,500

The net gain(loss) on realization and liquidation is

Group of answer choices

(61,250)

Any other amount

(25,000)

61,250

25,000

 

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