FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Wanting to finalize a sale before year-end, on December 29, WR Outfitters sold to Bob a warehouse and the land for $219,000. The appraised fair market value of the warehouse was $127,500, and the appraised value of the land was $185,750. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.)
b. What would be Bob’s basis in the warehouse and in the land if the appraised value of the warehouse was $102,500, and the appraised value of the land was $219,000?
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