Crane Corporation purchased a tract of unimproved land for $637,000. This land was improved and subdivided into building lots at an additional cost of $115,000. 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 1 2 3 21 Group 1 Group 2 Group 3 13 9 9 lots 3 lots Operating expenses for the year allocated to this project total $77,800. Lots unsold at the year-end were as follows: 4 lots tA Price per Lot $25,600 Net income $ 19,100 17,100 At the end of the fiscal year Crane 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.) 39295
Crane Corporation purchased a tract of unimproved land for $637,000. This land was improved and subdivided into building lots at an additional cost of $115,000. 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 1 2 3 21 Group 1 Group 2 Group 3 13 9 9 lots 3 lots Operating expenses for the year allocated to this project total $77,800. Lots unsold at the year-end were as follows: 4 lots tA Price per Lot $25,600 Net income $ 19,100 17,100 At the end of the fiscal year Crane 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.) 39295
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Crane Corporation purchased a tract of unimproved land for $637,000. This land was improved and subdivided into building lots at an
additional cost of $115,000. 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
1
2
3
21
Group 1
Group 2
Group 3
13
9
9 lots
3 lots
Operating expenses for the year allocated to this project total $77,800. Lots unsold at the year-end were as follows:
4 lots
Net income $
Price per Lot
$25,600
Telakt Medias
19,100
17,100
At the end of the fiscal year Crane 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.)
39295
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