(Answered) Question - mampm sold a business asset with a 75000

Accounting

Question - M&M sold a business asset with a $75,000 adjusted tax basis for $100,000. The purchaser paid $30,000 in cash and gave M&M a note for the $70,000 balance of the price. M&M will not receive a payment on the note until next year. Compute M&M's gain recognized under the installment sale method.

$25,000

$6,250

$4,920

$7,500

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