What Is the Amount of the Income or Loss from Acceptance

question 108

Multiple Choice

What is the amount of the income or loss from acceptance of the offer?

• A) $125,000 loss
• B) $25,000 income
• C) $125,000 income
• D) $25,000 loss

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Definitions:

Title

Legal ownership of property, especially real estate or automobiles.

Oral Contracts

Agreements that are made verbally and are legally binding, though harder to prove than written contracts.

Written Confirmation

A document that records and verifies specific details of an agreement or transaction between two or more parties.

Merchant

An individual or company engaged in the wholesale purchase and retail sale of goods for profit.