Homework Answers
Amount Realized = $75,000
Calculation = $80,000 - $5,000
Amount Realized is the amount received on sale of asset less any expenses incurred to make the sale.
Rafael received $80,000 cash and a vehicle worth $10,000. Rafael also paid $5,000 in selling expenses
Cash received+ Vehicle-selling expenses
80000+10000-5000
85000
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