Carmen owns a boutique called Luxe Styles. She sold her old shop building this year to move into a newly renovated downtown space. She received $140,000 from the buyer. She also paid a sales commission of $7,200 to her realtor. The building originally cost $120,000 and had accumulated depreciation of $18,000 for tax purposes. What is Carmen's realized gain or loss on the sale?
Carmen owns a boutique called Luxe Styles. She sold her old shop building this year to move into a newly renovated downtown space. She received $140,000 from the buyer. She also paid a sales commission of $7,200 to her realtor. The building originally cost $120,000 and had accumulated depreciation of $18,000 for tax purposes. What is Carmen's realized gain or loss on the sale?
Chapter11: Property Dispositions
Section: Chapter Questions
Problem 66P
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general accounting
Transcribed Image Text:Carmen owns a boutique called Luxe Styles. She sold her old shop
building this year to move into a newly renovated downtown space. She
received $140,000 from the buyer. She also paid a sales commission of
$7,200 to her realtor. The building originally cost $120,000 and had
accumulated depreciation of $18,000 for tax purposes. What is Carmen's
realized gain or loss on the sale?
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