Phil Collins Realty Corporation purchased a tract of unimproved land for $52,000. This land was improved and subdivided into building lots at an additional cost of $30,000. These building lots were all of the same size but owing to differences in location were offered for sale at different prices as follows.
| Group | No. of Lots | Price per Lot | ||||
| 1 | 9 | $4,050 | ||||
| 2 | 17 | 5,400 | ||||
| 3 | 20 | 2,700 | ||||
Operating expenses for the year allocated to this project total $16,300. Lots unsold at the year-end were as follows.
| Group 1 | 5 lots | |
| Group 2 | 7 lots | |
| Group 3 | 4 lots |
At the end of the fiscal year Phil Collins Realty Corporation instructs you to arrive at the net income realized on this operation to date. (Round ratios for computational purposes to 1 decimal place, e.g 78.7% and final answer to 0 decimal places, e.g. 5,845.)
Net Income $________
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