The assumption that deals with when to recognize the costs that are associated with the revenue that is being recognized is:
a. matching.
b. going concern.
c. consistency.
d. materiality.
e. None of the answers are correct.
A
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Disaffirmance is the legal avoidance, or setting aside, of a contractual obligation.?
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Brenda sold investment land for $200,000 in June. Her basis in the land was $75,000. The purchaser paid Brenda $40,000 cash and gave her his 5-year, interest-bearing note for the $160,000 remaining contract price. In December, Brenda received a $20,000 principle payment on the note. Brenda's recognized gain this year is:
A. $60,000 B. $125,000 C. $37,500 D. $22,500
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What will be an ideal response?