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Big Lake Boat Tours sold off one of their tour boats that was toosmall to meet the current needs of business.The boat was sold toAbe's Used Boats for $25,000. Big Lake book value of the boat was$15,000.The boat, which turned out to be a collector's item, wassold two weeks later by Abe to Sam Boat Tours for $150,000. Explain the difference between the two transactions from the standpoint ofthe seller. Use the component elements of income to support theanswer.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9992053

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