CanCan LLC sold an asset valued at $500,000. Its basis in the asset was $225,000....
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Accounting
CanCan LLC sold an asset valued at $500,000. Its basis in the asset was $225,000. In the sale, CanCan LLC received $250,000 in cash in the current year and a note payable for $250,000 in the subsequent year. What is the recognized gain in the current and subsequent year, respectively for this installment sale
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