Phil Collins Realty Corporation purchased a tract of unimproved land for $52,000. This land was improved and subdivided into building lots at an additional cost of $30,000. These building lots were all of the same size but owing to differences in location were offered for sale at different prices as follows.
|Group||No. of Lots||Price per Lot|
Operating expenses for the year allocated to this project total $16,300. Lots unsold at the year-end were as follows.
|Group 1||5 lots|
|Group 2||7 lots|
|Group 3||4 lots|
At the end of the fiscal year Phil Collins Realty Corporation instructs you to arrive at the net income realized on this operation to date. (Round ratios for computational purposes to 1 decimal place, e.g 78.7% and final answer to 0 decimal places, e.g. 5,845.)
Net Income $________