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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).

Abhinav 04-Dec-2019

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