Frank operates construction business in dallas-texas

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Frank operates a construction business in Dallas, Texas. On May 1, 2013, Frank purchased a warehouse for his business. The warehouse cost $500,000. In June 2013, Frank purchased some new equipment for the business. The equipment cost $200,000. Frank took $8,000 of depreciation on the warehouse in 2013 and $16,000 in 2014. Frank took $40,000 of depreciation on the equipment in 2013 and $80,000 in 2014. Frank decided to sell the warehouse and equipment so he could upgrade the business. He sold the warehouse for $550,000 and the equipment for $220,000 on December 31, 2014. What result to Frank?

Reference no: EM131211731

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Frank operates construction business in dallas-texas : Frank operates a construction business in Dallas, Texas. On May 1, 2013, Frank purchased a warehouse for his business. The warehouse cost $500,000. In June 2013, Frank purchased some new equipment for the business. The equipment cost $200,000. He sol..

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