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Business, 21.04.2020 01:23 Spiderblack212

Rafael sold an asset to Jamal. What is Rafael's amount realized on the sale in each of the following alternative scenarios?
A. Rafael receives $80,000 of cash and a vehicle worth $10,000. Rafael also pays $5,000 in selling expense.
B. Rafael received $80,000 of cash and was relieved of a $30,000 mortgage on the asset he sold to Jamal. Rafael also paid a commission of $5,000 on the transaction.
C. Rafael received $20,000 of cash, a parcel land worth $50,000, and marketable securities of $10,000. Rafael also paid a commission of $8,000 on the transaction.

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Rafael sold an asset to Jamal. What is Rafael's amount realized on the sale in each of the following...
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