Lo3 olivia wants to buy some vacant land for investment, Accounting Basics

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Lo3 olivia wants to buy some vacant land for investment

LO.3 Olivia wants to buy some vacant land for investment purposes. She cannot afford the full purchase price. Instead, Olivia pays the landowner $8,000 to obtain an option to buy the land for $175,000 anytime in the next four years. Four- teen months after purchasing the option, Olivia sells the option for $10,000. What is the amount and character of Olivia's gain or loss

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Accounting Basics: Lo3 olivia wants to buy some vacant land for investment

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