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Jack daniel company sold investment land to an unrelated

Question - Jack Daniel Company sold investment land to an unrelated purchaser. The purchaser paid $250,000 cash, assumed Jack Daniel's $600,000 mortgage on the land, and gave Jack Daniel its $580,000 10-year, interest-bearing note. Compute Jack Daniel's amount realized on sale.

$1,430,000

$830,000

$850,000

$250,000

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Accounting Basics: Jack daniel company sold investment land to an unrelated

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