Martha bought a home in 1988 at a cost of $100, 000.00. She put 20% down and financed the remainder by way of a mortgage. She paid the mortgage off in 20 years. Over the years, she spent $45, 000 improving and updating the house. Martha sold her home last year for $310, 000.00 What was the value of Martha's equity in her home? Provide your answer below:
Martha bought a home in 1988 at a cost of $100, 000.00. She put 20% down and financed the remainder by way of a mortgage. She paid the mortgage off in 20 years. Over the years, she spent $45, 000 improving and updating the house. Martha sold her home last year for $310, 000.00 What was the value of Martha's equity in her home? Provide your answer below:
Chapter12: Nonrecognition Transactions
Section: Chapter Questions
Problem 50IIP
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Transcribed Image Text:Martha bought a home in 1988 at a cost of $100,000.00. She put 20% down and financed the remainder by way of a
mortgage. She paid the mortgage off in 20 years. Over the years, she spent $45, 000 improving and updating the house.
Martha sold her home last year for $310, 000.00 What was the value of Martha's equity in her home?
Provide your answer below:
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