A man bought two 60 foot lots for $18,000 net each and divided them into three lots of equal frontage which he sold for a price of $15,000 each. His percentage of gross profit was most nearly:

Metro Auto Parts recently traded in store fixtures

The exchange had commercial substance. The old fixtures had a cost of $47,000 and accumulated depreciation of $15,000. Metro paid $102,000 for the new store fixtures. These new fixtures had a market value of $120,000. There is a loss of $14,000 on this exchange. Indicate whether the statement is true or false

Civil law is based on local customs, traditions, and precedents

Indicate whether the statement is true or false