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navik [9.2K]
3 years ago
9

A building with an appraisal value of $126,112 is made available at an offer price of $155,827. The purchaser acquires the prope

rty for $39,712 in cash, a 90-day note payable for $24,525, and a mortgage amounting to $56,894. The cost basis recorded in the buyer's accounting records to recognize this purchase is a.$116,115 b.$126,112 c.$121,131 d.$155,827
Business
1 answer:
Norma-Jean [14]3 years ago
6 0

Answer:

C

Explanation:

The purchaser acquires the property  for $ 39,712

a 90-day note payable for $ 24,525

a mortgage amounting to $ 56,894

The cost basis recorded in the buyer's accounting records to recognize this purchase = $ 39,712 + $ 24,525 + $ 56,894  = $ 121,131

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Answer:

$9,000

Explanation:

Calculation for the amount of gross profit that should be recognize

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Third step is to calculate the Total sale value

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Gross profit of A for 2,000 units = $9,000

Therefore the amount of gross profit that should be recognize will be $9,000

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