What is the joes recognized gain

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Reference no: EM131883619

Problem

Joe England sold equipment on May 10, 2014 for $180,000. He bought the equipment on November 7, 2012 for $140,000, and accumulated depreciation at the date of sale was $60,000. Joe collected $90,000 in 2014 and will collect $90,000 in 2015. Joe used the installment method for the sale. What is Joe's recognized gain in 204 and 2015?

Reference no: EM131883619

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