On June 11,two Years Ago,Gia Sold Land with a Cost

question 25

Multiple Choice

On June 11,two years ago,Gia sold land with a cost of $15,000 for $45,000.Gia collected $20,000 initially and is scheduled to receive $5,000 each year for five years starting last year plus an acceptable rate of interest.This year,Gia decided to sell one installment note to a bank that agreed to pay $4,100.As a result of the sale of the note,Gia must report

• A)$0.
• B)$1,667 gain.
• C)$2,433 gain.
• D)($900)loss.

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Definitions:

Long-Term Memories

Memories stored with an unlimited capacity that can last from a few days to a lifetime, including both declarative (explicit) memories, such as facts and events, and non-declarative (implicit) memories, such as skills and conditioned responses.

Eyewitness Memory

The recall and recognition capabilities of individuals who have observed specific incidents, particularly used in the context of legal evidence.

Leading Questions

A type of question that implies or contains its own answer, often guiding the respondent towards a desired response.

False Memory

False memory refers to the psychological phenomenon where a person recalls something that did not happen or remembers it differently from the way it actually happened.