Solved: The buyer also assumed an 80000 mortgage on the property, Accounting Basics

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The buyer also assumed an 80000 mortgage on the property

Question - Harris Richards sold a piece of investment real estate for $20,000 cash, a $10,000 face value corporate bond with a market value of $7,000, and the buyer's note in the amount of $15,000. The buyer also assumed an $80,000 mortgage on the property. What is Richards' amount realized?

A. $45,000

B. $107,000

C. $122,000

D. $125,000

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Accounting Basics: The buyer also assumed an 80000 mortgage on the property

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Accounting Basics: The buyer also assumed an 80000 mortgage on the property

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