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Corporation purchased a tract of unimproved land for $888,000. This land was improved and subdivided...

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Accounting

Corporation purchased a tract of unimproved land for $888,000. This land was improved and subdivided into building lots at an additional cost of $244,000. These building lots were all of the same size but due to differences in location, the lots were offered for sale at different prices as follows:

Group No. of Lots Price per Lot 1 27 $24,000 2 21 18,000 3 16 15,000 Operating expenses for the year allocated to this project total $57,400. Lots unsold at the year-end were as follows: Group 1 11 lots Group 2 8 lots Group 3 12 lots

At the end of the fiscal year the Corporation instructs you to arrive at the net income realized on this operation to date. Provide a simple income statement including the following: Sales, COGS, Gross profit, Operating expenses and Net income

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