17 F9.9 (LO 3) Excel (Relative Sales Value Method) Phil Collins Realty Corporation purchased a tract of unimproved land for $55,000. This land was improved and subdivided into building lots at an ad- ditional cost of $34,460. These building lots were all of the same size but owing to differences in location were offered for sale at different prices as follows. Price per Lot $3,000 15 4,000 2,400 Operating expenses for the year allocated to this project total $18,200. Lots unsold at the year-end were as follows. Group 1 5 lots Group 2 7 lots Group 3 2 lots Instructions 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