What is the commission amount paid to the auctioneer, Accounting Basics

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What is the commission amount paid to the auctioneer

Question: An auctioneer is selling a rare Ming vase. The auction has a minimum bid increment of $250 and is using the second-place sealed-bid method. The vase's seller agrees to pay the auctioneer a commission of 20% on the winning bid amount. Bidder A submits a price of $12,000; Bidder B, $12,750 and Bidder C, $12,250. What is the commission amount paid to the auctioneer? Question options: $2,500 $2,450 $2,400 $2,600 $2,550

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Accounting Basics: What is the commission amount paid to the auctioneer

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