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allochka39001 [22]
2 years ago
5

Rob and Lori purchased a home for $350,000 with an additional $5,000 in related purchase costs and then added a garage at a cost

of $25,000. They sold the home for $450,000 and paid $28,000 in selling costs. How much was the gain on the sale of their home
Business
1 answer:
Aliun [14]2 years ago
6 0

Answer:

Profit = $42,000

Explanation:

Given:

House price = $350,000

Additional price = $5,000

Garage value = $25,000

Selling price = $450,000

Selling cost = $28,000

Total cost of the Assets

Purchase Home                       $350,000

Add: Additional Purchase       $5,000

<u>Add: Purchase of Garage       $25,000</u>

Total cost of the Assets          $380,000

Profit = Sale Price - (Cost Price + Selling Cost)

Profit = $450,000 - ( $380,000 + $28,000)

Profit = $450,000 - $408,000

Profit = $42,000

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