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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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Exercise 18-31 (Algorithmic) (LO. 4) In 2022, Skylar sold equipment for $130,400 cash and a $1,304,000 note due in two years. Skylar's cost of the property was $1,043,200, and he had deducted depreciation of $625,920. If required, round any division to two decimal places and your final answers to the nearest dollar. a. Under the installment sales method, what is Skylar's total realized gain? $fill in the blank 1 b. In the year of sale, how much § 1245 gain does Skylar recognize? $fill in the blank 2 How much gain can be deferred under the installment sale method? $fill in the blank 3
Transcribed Image Text:Exercise 18-31 (Algorithmic) (LO. 4) In 2022, Skylar sold equipment for $130,400 cash and a $1,304,000 note due in two years. Skylar's cost of the property was $1,043,200, and he had deducted depreciation of $625,920. If required, round any division to two decimal places and your final answers to the nearest dollar. a. Under the installment sales method, what is Skylar's total realized gain? $fill in the blank 1 b. In the year of sale, how much § 1245 gain does Skylar recognize? $fill in the blank 2 How much gain can be deferred under the installment sale method? $fill in the blank 3
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