ncipal Resid He paid $28
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:24. Sale of a Principal Residence. (Obj. 1) Adam, who is single, sold his principal residence for
pobing $440,000. He paid $28,000 in selling expenses. Adam paid $107,000 for the house 14
ago. Over the years Adam made improvements and repairs to the house totaling $42,000
and $26,000, respectively. Compute Adam's recognized gain on the sale of his home.
years
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