On December 30, 2023, Whitney sold a piece of property for $170,600. Her basis in the property was $76,770, and she incurred $1,706 in selling expenses. The buyer paid $8,530 down with the balance payable in $16,207 installments over the next ten years. In addition, the buyer assumed a $25,590 mortgage on the property. Under the installment sales method, what is the total contract price, the total gain on the sale, and the amount of gain reported in 2023? Round any division to two decimal places, and use that amount in subsequent computations. If required, round your final answers to the nearest dollar. Under the installment sales method, the total contract price is $ 1,016,000 X, the total gain on the sale is $ and the amount of gain reported in 2023 is $ 1,016,000 × 5,168 X.

In 2019, Z sold a piece of land which had a cost of P1M for a selling price of P4M. The sale called for an assumption by the buyer of a mortgage on the land of P1.5M, cash of P500,000 on the date of sale and installment payments of P500,000 every year thereafter. The land is an ordinary asset.                            The income to be reported in 2019 under the installment method of reporting income is?

Red Company sold to another entity a tract of land costing P5,000,000 for P7,000,000 on January 1, 2021. The buyer paid P1,000,000 down and signed a two-year promissory note for the remainder of the purchase price plus 12% interest compounded annually. The note matures on January 1, 2023. Requirement: Prepare journal entries for 2021, 2022, and 2023.

Pedro sells investment land on September 1, 2019. Information pertaining to the sale follows: Adjusted basis $26,000 Selling price 93,600 Selling expenses 1,250 Down payment 10,500 Four installment payments 15,600 Mortgage assumed by the buyer 20,700 Required: Each installment payment is due on September 1 of 2020, 2021, 2022, and 2023 (ignore interest). Determine the tax consequences in 2019, 2020, 2021, 2022, and 2023. (Do not round intermediate calculations. Round your final answers to nearest whole dollar value.)

On January 1, 2020, Tom Co (A seller-lessee) sells a building to MacCo (an unrelated buyerlessor) for cash of $2,000,000. The fair value of the building at that time is $1,800,000; the carrying amount immediately before the transaction is $1,000,000. At the same time, TomCo enters into a contract with MacCo for the right to use the building for 19 years, with annual payments of $120,000 payable at the end of each year. The interest rate implicit in the lease is 4.5%, which results in a present value of the annual payments of $1,459,200. The transfer of the asset to MacCo has been assessed as meeting the definition of a sale under PSAK 72. Discuss the implication of the transactions and state the journal entries on January 1, 2020

Pedro sells investment land on September 1, 2020. Information pertaining to the sale follows:   Adjusted basis $ 11,000 Selling price 39,600 Selling expenses 550 Down payment 3,500 Four installment payments 6,600 Mortgage assumed by the buyer 9,700   Required: Each installment payment is due on September 1 of 2021, 2022, 2023, and 2024 (ignore interest). Determine

On January 1, 2020, Tom Co (A seller-lessee) sells a building to MacCo (an unrelated buyerlessor) for cash of CU2,000,000. The fair value of the building at that time is CU1,800,000; the carrying amount immediately before the transaction is CU1,000,000. At the same time, TomCo enters into a contract with MacCo for the right to use the building for 18 years, with annual payments of CU120,000 payable at the end of each year. The interest rate implicit in the lease is 4.5%, which results in a present value of the annual payments of CU1,459,200. The transfer of the asset to MacCo has been assessed as meeting the definition of a sale under IFRS 15. Discuss the implication of the transactions and state the journal entries on January 1, 2020 for both the leasing activity and revenue made from the contract based on IFRS 15 and IFRS 16 — Leases.

On January 1, 2020, Tom Co (A seller-lessee) sells a building to MacCo (an unrelated buyerlessor) for cash of CU2,000,000. The fair value of the building at that time is CU1,800,000; the carrying amount immediately before the transaction is CU1,000,000. At the same time, TomCo enters into a contract with MacCo for the right to use the building for 18 years, with annual payments of CU120,000 payable at the end of each year. The interest rate implicit in the lease is 4.5%, which results in a present valueof the annual payments of CU1,459,200. The transfer of the asset to MacCo has been assessed as meeting the definition of a sale under PSAK 72.Discuss the implication of the transactions and state the journal entries on January 1, 2020

Steve Drake sells a rental house on January 1, 2022, and receives $100,000 cash and a note for $50,000 at 7-percent interest. The purchaser also assumes the mortgage on the property of $30,000. Steve's original cost for the house was $175,000 on January 1, 2014, and accumulated depreciation was $30,000 on the date of sale. He collects only the $100,000 down payment in the year of sale. a. If Steve elects to recognize the total gain on the property in the year of sale, calculate the taxable gain. b. Assuming Steve uses the installment sale method, complete Form 6252 on Page 8-57 for the year of the sale. c. Assuming Steve collects $5,000 (not including interest) of the note principal in the year following the year of sale, calculate the amount of income recognized in that year under the installment sale method

On July 1, 2024, Apache Company, a real estate developer, sold a parcel of land to a construction company for $4,128,000. The book value of the land on Apache’s books was $1,720,000. Terms of the sale required a down payment of $172,000 and 23 annual payments of $172,000 plus interest at an appropriate interest rate due on each July 1 beginning in 2025. How much revenue will Apache recognize for the sale (ignoring interest), assuming that it recognizes revenue at the point in time at which it transfers the land to the construction company?