In Early 2016, Wanda Paid $33,000 for an Option on a Parcel

question 33

Essay

In early 2016, Wanda paid $33,000 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 2017 after 14 months. How should Wanda treat these events in 2016? 2017?

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Definitions:

Gastric Juices

Gastric juices refer to the mixture of acid and digestive enzymes produced by the stomach to break down food as part of the digestion process.

Stomach

A muscular organ in the gastrointestinal tract that breaks down food using acids and enzymes, preparing it for further digestion.

Muscular Structure

Refers to the organization and arrangement of muscles in the body, including how they are connected to bones and other tissues.

Speech

The expression of thoughts and feelings through articulated sounds and words, a key component of human communication.