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Determ followir

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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Determine Amos's gross income in each of the following cases: Amos was allowed to purchase a new car for $25,000 from his dealer employer. The car would normally sell for $32,000. He is the only employee who is given this opportunity. When his employment was terminated, Amos was given $10,000 for his promise not to go to work for a competitor for 2 years. Amos owned some land he held as an investment. As a result of a change in zoning, the property increased in value by $20,000.
Transcribed Image Text:Determine Amos's gross income in each of the following cases: Amos was allowed to purchase a new car for $25,000 from his dealer employer. The car would normally sell for $32,000. He is the only employee who is given this opportunity. When his employment was terminated, Amos was given $10,000 for his promise not to go to work for a competitor for 2 years. Amos owned some land he held as an investment. As a result of a change in zoning, the property increased in value by $20,000.
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