In early 2010,Wilma paid $56,000 for an option on a parcel of land she intended to hold as an investment.After a survey of the land (paid for by the grantor)determined that the parcel was much smaller than the grantor said it was,she let the option lapse when it expired in 2011 after 14 months.How should Wilma treat these events in 2010? 2011?

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The Answer of In early 2010,Wilma paid $56,000 for an option on a parcel of land she intended to hold as an investment.After a survey of the land (paid for by the grantor)determined that the parcel was much smaller than the grantor said it was,she let the option lapse when it expired in 2011 after 14 months.How should Wilma treat these events in 2010? 2011?

In Early 2010,Wilma Paid $56,000 for an Option on a Parcel