Sheffield Realty Corporation purchased a tract of unimproved land for $115,500. This land was improved and subdivided into building lots at an additional cost of $72,366. These building lots were all of the same sizes but owing to differences in location were offered for sale at different prices as follow:
Group
No. of Lots
Price per Lot
1 8 $4,500
2 16 6,000
3 17 3,600
Operating expenses for the year allocated to this project total $18,000. Lots unsold at the year-end were as follows.
Group 1 5 lots
Group 2 7 lots
Group 3 2 lots
At the end of the fiscal year, Kingbird Realty Corporation instructs you to arrive at the net income realized on this operation to date.
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