Problemellen purchased a home in 2011 for 60000 she paid, Ask an Expert

Accounting

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Ellen purchased a home in 2011 for $60,000. She paid $12,000 and borrowed $48,000. In 2012 she added a room to the house which cost $10,000. In 2013, she paid $625 to have the house painted and $800 for built-in bookshelves. As of January 1 of the current year, the mortgage balance is $43,000.

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Question: What is Ellen's basis her home?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91163903

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