Maria owns a small retail store called Fashion Forward. During the past year, Maria sold her commercial property to relocate to a more central location. She received sales proceeds of $375,000 from the buyer. She paid a sales commission to her real estate agent of $18,750. The building had an original cost of $290,000 and had accumulated depreciation for tax purposes of $65,000. What is Maria's realized gain or loss on the sale?
Maria owns a small retail store called Fashion Forward. During the past year, Maria sold her commercial property to relocate to a more central location. She received sales proceeds of $375,000 from the buyer. She paid a sales commission to her real estate agent of $18,750. The building had an original cost of $290,000 and had accumulated depreciation for tax purposes of $65,000. What is Maria's realized gain or loss on the sale?
Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization
Section: Chapter Questions
Problem 52P
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answer ? general accounting
Transcribed Image Text:Maria owns a small retail store called Fashion Forward. During the past year, Maria
sold her commercial property to relocate to a more central location. She received
sales proceeds of $375,000 from the buyer. She paid a sales commission to her real
estate agent of $18,750. The building had an original cost of $290,000 and had
accumulated depreciation for tax purposes of $65,000. What is Maria's realized
gain or loss on the sale?
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