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North Enterprises sells land and receives $15,000 cash and machinery worth $20,000. The other party's adjusted basis in the machinery is $8,000. The land was subject to a $25,000 mortgage, which the other party assumes. North incurs $2,000 of selling expenses on the sale. What is North's amount realized from the sale?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M954537

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