In Early 2011, Wendy Paid $66,000 for an Option on a Parcel

question 127

Essay

In early 2011, Wendy paid $66,000 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 2012 after 14 months.How should Wendy treat these events in 2011? 2012?

---

Definitions:

Formatting Symbols

Invisible characters in text editing and word processing programs that represent spaces, tabs, and paragraph breaks, helping users to understand and adjust the layout of text.

Nested IF

A condition within another condition in programming or spreadsheet formulas that allows for multiple outcomes based on multiple criteria.

Relative Cell Reference

A cell address in spreadsheets that changes when copied to another location, as it is relative to the position of the formula.

Insert Options

Features in software applications that allow users to add various elements (e.g., text, images, tables) into a document or file.