What amount should perle include in taxable income, Financial Accounting

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What amount should perle include in taxable income

Problem

Perle, a dentist, billed Wood $600 for dental services. Wood paid Perle $200 cash and built a bookcase for Perle's office in full settlement of the bill. Wood sells comparable bookcases for $350. What amount should Perle include in taxable income as a result of this transaction?

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Financial Accounting: What amount should perle include in taxable income

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Financial Accounting: What amount should perle include in taxable income

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