Funland Corp. sold a building for $600,000. Funland received a down payment of $120,000 as...
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- Funland Corp. sold a building for $600,000. Funland received a down payment of $120,000 as well as annual principal payments of $120,000 for each of the subsequent 4 years. Funland purchased the building for $500,000 and claimed depreciation of $80,000. What amount of gain should Funland report in the year of sale using the installment method?
- $36,000
- $54,000
- $120,000
- $180,000
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