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Anuta_ua [19.1K]
3 years ago
15

Peyton sells an office building and the associated land on May 1 of the current year. Under the terms of the sales contract, Pey

ton is to receive $2,408,400 in cash. The purchaser is to assume Peyton's mortgage of $1,445,040 on the property. To enable the purchaser to obtain adequate financing, Peyton is to pay the $28,901 in points charged by the lender. The broker's commission on the sale is $96,336. What is Peyton's amount realized
Business
1 answer:
Aleksandr-060686 [28]3 years ago
8 0

Answer:

$3,728,203

Explanation:

Particulars                                               Amount

Cash Received                                      $2,408,400

Add: Mortgage assume by purchaser $1,445,040

Less: Broker's commission                   ($96,336)

Less: Points paid by Peyton                 <u>($28,901)   </u>

Amount realized                                    <u>$3,728,203</u>

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True

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