Peyton sells an office building and the associated land on May 1 of the current...
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Accounting
Peyton sells an office building and the associated land on May 1 of the current year. Under the terms of the sales contract, Peyton is to receive $1,898,000 in cash. The purchaser is to assume Peyton's mortgage of $1,138,800 on the property. To enable the purchaser to obtain adequate financing, Peyton is to pay the $113,880 in points charged by the lender. The broker's commission on the sale is $75,920. What is Peyton's amount realized? The amount realized by Peyton is $
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