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Todd Sold Some Land for $600,000 in 2011

Question 2

Essay

Todd sold some land for $600,000 in 2011. He received $100,000 as a down payment and was to receive $50,000 per year in years 2012 through 2021, in addition to the interest charged. How much income, in addition to the interest, will Todd recognize in 2011 and 2012 if he originally paid $400,000 for the land?

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