SOLUTION: Gary and Adam equally own 2 properties. 1 is valued at $340000 and the other at $420000. Gary is taking the propery valued at $340000. Adam is taking the property valued at $420000

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Question 58582: Gary and Adam equally own 2 properties. 1 is valued at $340000 and the other at $420000. Gary is taking the propery valued at $340000. Adam is taking the property valued at $420000. How much money would Adam owe Gary? Is it $40000 or $80000 and how do you arrive at the correct amount?
Answer by checkley71(8403) About Me  (Show Source):
You can put this solution on YOUR website!
IF ADAM OWNS THE $340000 PROPERTY & GARY OWNS THE $ 420000 PROPERTY AND THEY SWAP. THEN ADAM OWES GARY THE DIFFERENCE IN VALUE OR $420000-$340000=$80000.
PROOF
GARY STARTED WITH $420000 WORTH OF PROPERTY
ADAM STARTED WITH $340000 WORTH OF PROPERTY
GARY ENDED UP WITH PROPERTY WORTH $ 340000 AND RECEIVED $80000 FROM ADAM. SO HIS NET WORTH IS NOW $340000+$80000=$420000.
ADAM ENDED UP WITH PROPERTY WORTH $420000 AND PAID $80000 TO GARY. SO HIS NET WORTH IS NOW $420000-$8000=$320000.