Homework Answers
Gain / (loss) on repossession = Fair market value - basis - repossession cost
25. Answer : Option B (loss of $200)
Explanation :
Gain/(loss) = $4000 - $3900 - $300 = ($200)
26. Answer : Option C (gain of $3500)
Explanation :
Gain/(loss) = $14000 - $10000 - $500 = $3500
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