On january 1 2011 the asset was sold for 180000 calculate


Question - On Nov. 4, 2009, Blue Company acquired an asset (27.5 year residential real property) for $200,000 for use in its business. In 2009 and 2010, respectively, Blue took $642 and $5,128 of cost recovery. These amounts were incorrect because Blue applied the wrong percentages (i.e. those for 39years rather than 27.5year). Blue should have taken $910 and $7,272 cost recovery in 2009 and 2010. On January 1, 2011, the asset was sold for $180,000. Calculate the gain or loss on the sale of the asset in 2011.

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Accounting Basics: On january 1 2011 the asset was sold for 180000 calculate
Reference No:- TGS02590343

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