based on the data shown in the picture,

For Car 1, solve for:

a. Contract Price

b. Initial Payments

c. Reportable Income in 2020

d. Reportable income in 2021

e. Reportable income in 2022

For Car 4, compute the

a. Contract Price

b. Initial Payments

c. Reportable income in 2018

d. Reportable income in 2019

e. Reportable Income in 2020

f. Reportable income in 2021

g. Reportable income in 2022

Transcribed Image Text:

Mona is a dealer of both brand new and second hand cars. Aside from cars, she also deals with lots and house and lots as a broker from various realtors for a fee. In 2018, she had the following data: Sale of brand new cars Selling Price Downpayment Installment: December 2018 December 2019 December 2020 December 2021 December 2022 Cost Sale of second-hand cars Selling Price Trade-in Received Mortgage Assumed Cost Downpayment Installment: December 2018 December 2019 December 2020 December 2021 December 2022 CAR 1 1,200,000 340,000 50,000 270,000 270,000 270,000 1,000,000 CAR 3 1,870,000 250,000 870,000. 340,000 20,000 130,000 130,000 130,000 1,000,000 CAR 2 2,300,000 150,000 50,000 525,000 525,000 525,000 525,000 1,580,000 CAR 4 2,810,000 250,000 1,300,000 150,000 10,000 275,000 275,000 275,000 275,000 1.050.000 Mona is a dealer of both brand new and second hand cars. Aside from cars, she also deals with lots and house and lots as a broker from various realtors for a fee. In 2018, she had the following data: Sale of brand new cars Selling Price Downpayment Installment: December 2018 December 2019 December 2020 December 2021 December 2022 Cost Sale of second-hand cars Selling Price Trade-in Received Mortgage Assumed Cost Downpayment Installment: December 2018 December 2019 December 2020 December 2021 December 2022 CAR 1 1,200,000 340,000 50,000 270,000 270,000 270,000 1,000,000 CAR 3 1,870,000 250,000 870,000. 340,000 20,000 130,000 130,000 130,000 1,000,000 CAR 2 2,300,000 150,000 50,000 525,000 525,000 525,000 525,000 1,580,000 CAR 4 2,810,000 250,000 1,300,000 150,000 10,000 275,000 275,000 275,000 275,000 1.050.000

Answer rating: 100% (QA)

To solve the problem break it down step by step For Car 1 a Contract Price The contract price is the total amount paid for the car including the down ... View the full answer