Concord Corporation purchased a tract of unimproved land for $647,000. This land was improved an additional cost of $122,000. These building lots were all of the same size but owing to differences in location were offered for sale at different prices as follows: Group No. of Lots Price per Lot 1 21 $23,600 2 13 19,200 3 9 19,300 Operating expenses for the year allocated to this project total $66,300. Lots unsold at the year-end were as follows: Group 1 9 lots Group 2 3 lots Group 3 4 lots At the end of the fiscal year Concord Corporation instructs you to arrive at the net income realized on this operation to date. (Do not round intermediate calculations. Round final answer to O decimal places, e.g. 5,845.) Net income $ D 505400

Concord Corporation purchased a tract of unimproved land for $647,000. This land was improved an additional cost of $122,000. These building lots were all of the same size but owing to differences in location were offered for sale at different prices as follows: Group No. of Lots Price per Lot 1 21 $23,600 2 13 19,200 3 9 19,300 Operating expenses for the year allocated to this project total $66,300. Lots unsold at the year-end were as follows: Group 1 9 lots Group 2 3 lots Group 3 4 lots At the end of the fiscal year Concord Corporation instructs you to arrive at the net income realized on this operation to date. (Do not round intermediate calculations. Round final answer to O decimal places, e.g. 5,845.) Net income $ D 505400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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