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What is the total contract price

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Point 1: On December 30, 2019, Whitney sold a piece of property for $318,800. Her basis in the property was $143,460, and she incurred $3,188 in selling expenses. The buyer paid $15,940 down with the balance payable in $30,286 installments over the next ten years. In addition, the buyer assumed a $47,820 mortgage on the property.

Problem 1: Under the installment sales method, what is the total contract price, the total gain on the sale, and the amount of gain reported in 2019? Round any division to two decimal places, and use that amount in subsequent computations. If required, round your final answer to the nearest dollar.

Reference no: EM132476813

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