Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 14. robert transferred his rent house to his best

14. Robert transferred his rent house to his best friend, The house had cost $200,000...

60.1K

Verified Solution

Question

Accounting

14. Robert transferred his rent house to his best friend, The house had cost $200,000 and depreciation of $12,500 had claimed. The house was subject to an assumable loan of $180,000. Robert received $20,000 cash. How much is Robert's gain or loss realized?

A.$-0-

B. $7.500 loss

C. $20,000 gain

D. $12,500 gain

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

Direct Materials Variances Bellingham Company produces a product that requires 9 standard pounds per unit. The standard...

Physics
1.2K views

A professional boxer of mass m1 hits a punching bag in the center of m2 suspended from...

Advance Math
1.2K views

Prove the following: (a) Let A be a ring and B be a field. Let f...

Accounting
1.2K views

Following is information on two alternative investments being considered by Jolee Company. The company requires a...

Biology
1.2K views

You need to find out whether your bacteria needs oxygen to survive ie to do...

Basic Math
1.2K views

k he the equation for the graph shown to the www ation of the line...

Accounting
1.2K views

1. Akash is a famous manufacturer of leather goods. He appoints Prashant as...

Accounting
1.2K views

Quaker State Inc. offers a new employee a lump sum signing bonus at the date...

Accounting
1.2K views

At an activity level of 4,400 units in a month, Goldbach Corporation's total variable maintenance...

Accounting
1.2K views

Andy and Jane are married taxpayers in 2019. They both are under 65. They had...

Accounting
1.2K views

The following department data are available: Total materials costs ...

Accounting
1.2K views

27 The following information is related to the defined benefit pension plan of Dreamworld Company...