Sarah owns a dance studio called Dance Revolution. Last year, she sold her studio space to move to a larger location downtown. She received sales proceeds of $250,000 from the buyer and paid a broker commission of $12,500. The building had an original cost of $195,000 and accumulated depreciation for tax purposes of $42,750. What is Sarah's realized gain or loss on the sale?
Sarah owns a dance studio called Dance Revolution. Last year, she sold her studio space to move to a larger location downtown. She received sales proceeds of $250,000 from the buyer and paid a broker commission of $12,500. The building had an original cost of $195,000 and accumulated depreciation for tax purposes of $42,750. What is Sarah's realized gain or loss on the sale?
Chapter11: Property Dispositions
Section: Chapter Questions
Problem 66P
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I want to correct answer general accounting
Transcribed Image Text:Sarah owns a dance studio called Dance Revolution. Last year, she sold her
studio space to move to a larger location downtown. She received sales
proceeds of $250,000 from the buyer and paid a broker commission of
$12,500. The building had an original cost of $195,000 and accumulated
depreciation for tax purposes of $42,750. What is Sarah's realized gain or loss
on the sale?
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