124. LO7 Daryl purchases land in 2006 at a cost of $65,000. In 2010, he sells the land for
a. How much gain or loss does Daryl realize on the sale of the land?
b. Assume that the sales contract on the land calls for the buyer to pay Daryl $40,000 at the time of sale and $15,000 per year for the next 4 years with interest on the unpaid balance at 8%. How much income must Daryl recognize in 2010? In 2011?
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