Explain the difference between the two transactions from


Big Lake Boat Tours sold off one of their tour boats that was toosmall to meet the current needs of business.The boat was sold toAbe's Used Boats for $25,000. Big Lake book value of the boat was$15,000. The boat, which turned out to be a collector's item, was sold two weeks later by Abe to Sam Boat Tours for $150,000. Explain the difference between the two transactions from the standpoint of the seller. Use the component elements of income to support theanswer.

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Accounting Basics: Explain the difference between the two transactions from
Reference No:- TGS0596399

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