On December 30, 2023, Whitney sold a piece of property for $170,600. Her basis in the property was $76,770, and she incurred $1,706 in selling expenses. The buyer paid $8,530 down with the balance payable in $16,207 installments over the next ten years. In addition, the buyer assumed a $25,590 mortgage on the property. Under the installment sales method, what is the total contract price, the total gain on the sale, and the amount of gain reported in 2023? Round any division to two decimal places, and use that amount in subsequent computations. If required, round your final answers to the nearest dollar. Under the installment sales method, the total contract price is $ 1,016,000 X, the total gain on the sale is $ and the amount of gain reported in 2023 is $ 1,016,000 × 5,168 X.
On December 30, 2023, Whitney sold a piece of property for $170,600. Her basis in the property was $76,770, and she incurred $1,706 in selling expenses. The buyer paid $8,530 down with the balance payable in $16,207 installments over the next ten years. In addition, the buyer assumed a $25,590 mortgage on the property. Under the installment sales method, what is the total contract price, the total gain on the sale, and the amount of gain reported in 2023? Round any division to two decimal places, and use that amount in subsequent computations. If required, round your final answers to the nearest dollar. Under the installment sales method, the total contract price is $ 1,016,000 X, the total gain on the sale is $ and the amount of gain reported in 2023 is $ 1,016,000 × 5,168 X.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
A7
Transcribed Image Text:On December 30, 2023, Whitney sold a piece of property for $170,600.
Her basis in the property was $76,770, and she incurred $1,706 in
selling expenses. The buyer paid $8,530 down with the balance
payable in $16,207 installments over the next ten years. In addition,
the buyer assumed a $25,590 mortgage on the property.
Under the installment sales method, what is the total contract price,
the total gain on the sale, and the amount of gain reported in 2023?
Round any division to two decimal places, and use that amount
in subsequent computations. If required, round your final
answers to the nearest dollar.
Under the installment sales method, the total contract price is $
1,016,000 X, the total gain on the sale is $
and the amount of gain reported in 2023 is $
1,016,000 ×
5,168 X.
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