Multiple Choice
Jasmine sold land for $250,000 in 2016.The land had a basis of $118,000 and she incurred selling expenses of $10,000.Jasmine received $50,000 cash down in 2016 and will receive five additional annual payments of $40,000 each.What is Jasmine's gross profit percentage on the sale?
A) 48.8%.
B) 47.2%.
C) 100.0%.
D) 51.2%.
Correct Answer:
Verified
Correct Answer:
Verified
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