Current Attempt in Progress In fiscal 2023, Sarasota Realty Corporation purchased unimproved land for $55,500. The land was improved and subdivided into building lots at an additional cost of $35,400. These building lots were all the same size but, because of differences in location, were offered for sale at different prices, as follows: Group 1 2 3 Number of Lots Group 1 Group 2 Group 3 8 16 24 5 lots 5 lots 4 lots Operating expenses that were allocated to this project totalled $18,800 for the year. At year end, there were also unsold lots remaining, as follows: Year-end inventory Price per Lot $3,730 $ 4.720 Determine the year-end inventory and net income of Sarasota Realty. Ignore income taxes. (Do not round intermediate calculations. Round final answers to O decimal places, e.g. 5,275.) Net income /(Loss) $ 2,800
Current Attempt in Progress In fiscal 2023, Sarasota Realty Corporation purchased unimproved land for $55,500. The land was improved and subdivided into building lots at an additional cost of $35,400. These building lots were all the same size but, because of differences in location, were offered for sale at different prices, as follows: Group 1 2 3 Number of Lots Group 1 Group 2 Group 3 8 16 24 5 lots 5 lots 4 lots Operating expenses that were allocated to this project totalled $18,800 for the year. At year end, there were also unsold lots remaining, as follows: Year-end inventory Price per Lot $3,730 $ 4.720 Determine the year-end inventory and net income of Sarasota Realty. Ignore income taxes. (Do not round intermediate calculations. Round final answers to O decimal places, e.g. 5,275.) Net income /(Loss) $ 2,800
Chapter14: Property Transact Ions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 76P
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