Multiple Choice
Joan purchases a beautiful rug for $25,000. After several years of wear and tear, Joan has the rug appraised and finds that it is now worth only $20,000. Based on this information:
A) Joan's saving this year has increased by $5,000.
B) Joan has a $5,000 capital gain.
C) Joan has a $5,000 capital loss.
D) Joan's wealth is unchanged.
Correct Answer:
Verified
Correct Answer:
Verified
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