Solved: Kal fein owns investment land that he bought for 100000 how, Accounting Basics

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Kal fein owns investment land that he bought for 100000 how

Question - Kal Fein owns investment land that he bought for $100,000. He trades it for another parcel of land worth $100,000 plus a painting worth $100,000. How much gain does Kal recognize as a result of this transaction?

A. $0

B. $28,000

C. $100,000

D. $200,000

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Accounting Basics: Kal fein owns investment land that he bought for 100000 how

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