Sol purchased land as an investment on January 12, 2011 for $85,000. On January 31, 2017, Sol sold the land for $30,000 cash. In addition, the purchaser assumed the mortgage of $70,000 on the land. What is the amount of the realized gain or loss on the sale? a. $15,000 gain b. $65,000 loss c. $90,000 gaind. $5,000 gain e. None of these choices are correct.

$15,000

Explanation:

Realized gain is the profit that is exceeded from the expense for a particular years. Realized loss is the loss that resulted from the excessive expense.

To determine the net realizable gain or loss, we can use the following formula -

Realizable Gain (loss) = Sale amount of tangible assets + mortgage purchasing - purchase price

Given,

Sale amount of tangible assets = $30,000

purchase price = $85,000

mortgage purchasing = $70,000

Putting the value into the formula, we can get-

Realizable Gain (loss) = $30,000 - $70,000 - $85,000

Therefore, Realizable Gain (loss) = $15,000

month 1 start amount =$3287.90 interest=(3287.90x0.0145/12)3.97 total to pay=$3291.81 paid =$1200 balance =$2,091.87

month 2 starting amount= $2,091.87 interest =$25.28 total to pay =$2117.15 paid =$1200 balance $917.15

month 3 starting amount =$917.15 interest =$11.08 total to pay =$928.23 paid =$928.23 balance =$0 total to pay 1200+1200+928.23 = $3328.23 it will take 3 months to pay a total of $3328.23

answer; private store;