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  3. on december 30, 2021, whitney sold a piece of prop

On December 30, 2021, Whitney sold a piece of property for $129,000. Her basis in...

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Accounting

On December 30, 2021, Whitney sold a piece of property for $129,000. Her basis in the property was $58,050, and she incurred $1,290 in selling expenses. The buyer paid $6,450 down with the balance payable in $12,255 installments over the next ten years. In addition, the buyer assumed a $19,350 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 2021? Round any division to two decimal places, and use that amount in subsequent computations. If required, round your final answer to the nearest dollar. Under the installment sales method, the total contract price is $fill in the blank 1 , the total gain on the sale is $fill in the blank 2 and the amount of gain reported in 2021 is $fill in the blank 3 .

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