PROBLEM $13-32$ Keep or Sell Property $[$LO$1]$

Ben Ryatt, professor of languages at a southern university, owns a small office building adjacent to the university campus. He acquired the property $12$ years ago at a total cost of $$560,000-$$$52,000$ for the land and $$508,000$ for the building. He has just received an offer from a realty company that wants to purchase the property; however, the property has been a good source of income over the years, so Professor Ryatt is unsure whether he should keep it or sell it$.$ His alternatives are:

Keep the property. Professor Ryatt's accountant has kept careful records of the income realized from the property over the past $10$ years. These records indicate the following annual revenues and expenses:

$\backslash$table$[[$Rental receipts,,$$150,000$