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-   -   Accounting entry for foreclosures (https://www.askmehelpdesk.com/showthread.php?t=499063)

  • Aug 17, 2010, 08:49 AM
    haja7777
    Accounting entry for foreclosures
    Foreclosure of rental property owned by a Real Estate LLC..
    What is the accounting entry :
    -Amount of Debt Cancelled.. $ 88,867.78
    -FMV of Property(Foreclosure proceeds).. $ 68,200.00
    -Adjusted Basis... $117,730.00
    -Unpaid Mortgage... $157,067.78

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