Business, 19.09.2019 20:30 dummynate

Ratliff development corporation purchases a tract of land in 2018 at a cost of $120,000 and subdivides the land into 30 building lots. the cost of subdividing is $6,000. in 2018, ratliff installs roads and utilities at a cost of $36,000 and pays property taxes totaling $2,000 in 2018 and 2019. interest paid on the loan used to purchase the land is $10,000 in 2018 and $6,000 in 2019. in 2019, ratliff sells 10 lots for a total of $350,000. what is the corporation’s gain or loss on the sale of the lots?

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Ratliff development corporation purchases a tract of land in 2018 at a cost of $120,000 and subdivid...

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