The reported net incomes for the first 2 years of Sandra Gustafson Products, Inc., were as follows: 2014, $147,000; 2015, $185,000. Early in 2016, the following errors were discovered. 1. Depreciation of equipment for 2014 was overstated $17,000. 2.
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An individual taxpayer reported the following net long-term capital gains and losses:Year Gain (loss) 1 ($5,000) 2 1,0003 4,000The amount of capital gain that the individual taxpayer should report in year 3 is:a. $4,000b. $6,000c. $2,000d. $2500
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