Ted works for sage motors an automobile dealership

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Ted works for Sage Motors an automobile dealership. All employees can buy a car at the company's cost plus 2%. The company doesn't charge employees the $175 transfer service fee that nonemployees must pay. Ted purchased an automobile for $24,480 ($24,000+480). The company's cost was $24,000. The price for a nonemployee would have been $27,775, $27,600 + $175 transfer service fee. What is Ted's gross income since the purchase of the automobile?

Reference no: EM13103481

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