Question: Exercise 7-1 (Algorithmic) (LO. 1) Peyton sells an office building and the associated land on May 1 of the current year. Under the terms

Exercise 7-1 (Algorithmic) (LO. 1) Peyton sells an office building and the

Exercise 7-1 (Algorithmic) (LO. 1) 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 $2,474,400 in cash. The purchaser is to assume Peyton's mortgage of $1,484,640 on the property. To enable the purchaser to obtain adequate financing, Peyton is to pay the $29,693 in points charged by the lender. The broker's commission on the sale is $98,976. What is Peyton's amount realized? The amount realized by Peyton is $

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