understand how to get these answers) Q: "During the current year, Mr. C sold property th
understand how to get these answers)
Q: "During the current year, Mr. C sold property that had an adjusted basis to him of $19,000. The buyer assumed C’s existing mortgage of $15,000 and agreed to pay an additional $10,000 consisting of a cash down payment of $5,000, and payments of $1,000, plus interest, per year for the next 5 years. Mr. C paid selling expenses totaling $1,000. What is C’s gross profit? What is the total contract price? What is C’s gross profit percentage?"
Please show work (especially for the contract price).