Solved: Russell corporation sold a parcel of land valued at 477500, Financial Accounting

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Russell corporation sold a parcel of land valued at 477500

Russell Corporation

Russell Corporation sold a parcel of land valued at $477,500. Its basis in the land was $360,512. For the land, Russell received $117,750 in cash in year 0 and a note providing that Russell will receive $192,000 in year 1 and $167,750 in year 2 from the buyer (plus reasonable interest on the note).

a. What is Russell's realized gain on the transaction?

b. What is Russell's recognized gain in year 0, year 1, and year 2?

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Financial Accounting: Russell corporation sold a parcel of land valued at 477500

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Financial Accounting: Russell corporation sold a parcel of land valued at 477500

Reference No:- TGS01483819

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