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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Sherry rents her vacation home for 6 months and lives in it for 6 months during the year. Her gross rental income during the year is $6,000. Total real estate taxes for the home are $2,200, and interest on the home mortgage is $4,000. Annual utilities and maintenance expenses total $2,000, and
Calculate Sherry’s deductible depreciation, the net income or loss from the vacation home, and the loss carryforward, if any.
Base allocation on number of months, rather than days. If your answer value is zero, enter "0."
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