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Home / Questions / 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 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).

Dec 04 2019 View more View Less

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