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PROBLEM II-22A Keep or Sell Property [LOI] Ben Ryath professor of languages at a southern university, owns a small office building adjacent to the university campus. He acquired the property 12 years ago at a total cost of $560,000$52,000 for the land and $508,000 for the building. He has just received an ofter from a realty company that wants to purchase the property: however, the property has been a good source of income over the years, so Professor Ryatt is unsure whether he should keep it or sell it. His alternatives are: Kcep the property. Pmfessor Ryatt's accouniant has kept careful records of the income realized frmm the property over the past 10 years. These records indicate the following annual revenues and expenses: Prolessor Ryatt makes a $12.6(6)() morlgage payment each year on the property. The mortgage will be paid off in 10 more years. He las been depreciating lhe building hy the straight-line method. nssuning a salvage value of $9,600 for the lutilding. which he still thinks is an appropriate figure. He feels sure that the building can be rented for another 16 years. He also feels sure that 16 years from now the land will be worth 2.5 Limes what he paid for it. Sell the property. A realty company has offered to purchate the property by paying $150,000) imnicdiately and $23,010 per ycar for the noxt 16 years. Contrut of the property would go to the realiy company immeJiately. To sell the property. Professor Ryalt would need to pay the mortgage off, which could be done by making a lump-sum payment ul $71,000. Required: (Jgnore income taxes.) Peulessor Ryatt requires a 14% rate of retum. Would you recommend he keep or sell the property? Show computalions using the total-cost approach to net present value