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Accounting

Problem:

Ashley sells real property for $280,000. The buyer pays $4,000 in property taxes that had accrued during the year while the property was still legally owned by Ashley. In addition, Ashley pays $14,000 in commissions and $3,000 in legal fees in connection with the sale.

Required:

Question: How much does Ashley realize (the amount realized) from the sale of her property?

$259,000.
$263,000.
$267,000.
$280,000.
None of the above.

Note: Please show the work not just the answer.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91170513

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