Katie Sells Her Personal Use Automobile for $12,000

question 213

Multiple Choice

Katie sells her personal use automobile for $12,000. She purchased the car three years ago for $25,000. What is Katie's recognized gain or loss?

• A) $0
• B) $12,000
• C) ($13,000)
• D) ($25,000)
• E) None of the above

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Definitions:

Taxa

Taxa are the groups or categories used in the scientific classification of organisms, organized in a hierarchical system from kingdom down to species.

Inclusive

Embracing diversity and ensuring all individuals or elements are considered and integrated into a whole.

Five Kingdom Classification

A system that categorizes all living organisms into five distinct groups: Monera, Protista, Fungi, Plantae, and Animalia, based on their cell structure and function.

R. H. Whittaker

A prominent ecologist who proposed a five-kingdom classification system for living organisms based on cellular structure and mode of nutrition.