What is the amount of income or loss from the acceptance of the offer?
A) $97,500 income
B) $94,500 loss
C) $37,500 income
D) $37,500 loss

Question

Quizplus · Accepted Answer

The offer is to sell the land for $132,000. The land has a book value of $34,500. The income or loss from the acceptance of the offer is the difference between the selling price and the book value, which is $132,000 - $34,500 = $97,500.

What Is the Amount of Income or Loss from the Acceptance