A comparable property sold six months ago for $150,000. The adjustments for the various elements of comparison have been calculated as follows: Location:-5 percent Market conditions: +8 percent Physical characteristics: +$12,500 Financing terms:-$2,600 Conditions of sale: None Property rights conveyed: None Use: None Nonrealty items: -$3,000 Making the adjustments in the order suggested in Exhibit 7-6, what is the comparable property's final adjusted sale price?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
A comparable property sold six months ago for $150,000. The adjustments for the various elements of comparison have been calculated as follows:
Location: -5 percent
Market conditions: +8 percent
Physical characteristics: +$12,500
Financing terms:-$2,600
Conditions of sale: None
Property rights conveyed: None
Use: None
Nonrealty items: -$3,000
Making the adjustments in the order suggested in Exhibit 7-6, what is the comparable property's final adjusted sale price?
Transcribed Image Text:A comparable property sold six months ago for $150,000. The adjustments for the various elements of comparison have been calculated as follows: Location: -5 percent Market conditions: +8 percent Physical characteristics: +$12,500 Financing terms:-$2,600 Conditions of sale: None Property rights conveyed: None Use: None Nonrealty items: -$3,000 Making the adjustments in the order suggested in Exhibit 7-6, what is the comparable property's final adjusted sale price?
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Accounting for Property, Plant and Equipment
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education