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lana66690 [7]
3 years ago
6

Johnson borrowed $45,000 secured by land with a basis of $20,000. Johnson could not pay the principal, so the bank foreclosed an

d sold the land for $35,000 as full settlement of the debt. What income should Johnson recognize
Business
1 answer:
vredina [299]3 years ago
4 0

Answer:

the income that should be recognized is $25,000

Explanation:

The computation of the income that should Johson recognized is shown below:

Income To be recognized is

= Borrowings amount - Basis of land

= $45000 - $20000

= $25,000

hence, the income that should be recognized is $25,000

We simply applied the above formula so that the correct value could come

And, the same is to be considered

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<h3>How does organizational culture affect individual and organizational performance?</h3>

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2 years ago
On July 5th, Paul Potter's beginning checking balance is $20 and his account is credited for a deposit of $50. That same day, tw
Sholpan [36]
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8 0
3 years ago
Four categories of costs associated with product quality are: Select one: a. External failure, internal failure, prevention, and
harina [27]

Answer:

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Explanation:

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Answer:

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3 years ago
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stiv31 [10]
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