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On December 30, 2018, Whitney sold a piece of property for $85,000. Her basis in the...

On December 30, 2018, Whitney sold a piece of property for $85,000. Her basis in the property was $40,000, and she incurred $1,200 in selling expenses. The buyer paid $5,000 down with the balance payable in $10,000 installments over the next eight years. In addition, the buyer assumed a $15,000 mortgage on the property.

Round any division to four decimal places, and use in subsequent computations. Round your final answer to the nearest dollar.

Under the installment sales method, the total contract price is $______________, the total gain on the sale is $____________ and the amount of gain reported in 2018 is $______________.

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onDec 30 201 cohitney sold a Piece oc peupety35000 Basisヲ$40000 Tncusred Selling ext $1200 SOOO doon + 10000 install mo c 리 Buyes-assumed-mond gage on PaoPeayー) $450 O 2Unge tne instellment sales method 1] Irotal contact price i 10000 (s) +5000 IS 85000 1 the to tal gain on -he sale (85000 1s000)- 40,000 200 5 53 300 Sain 3 The amount of gain eposted n 013 is 3uS Recongn)ed gain NOTE instaliment contacth nomally cay in ees all Interest-n come-is-always cedir my stallment . Tanethod. Only afriiea to _gamor ce fain reaty es eal estate 3

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