Rental details from operation of two separate rental properties: Property 1 Property 2 Property 3 Gross rental revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $62,000 $52,000 $25,000 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000 $8,000 $1,000 Property taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,800 $3,500 $8,000 Repairs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,500 $9,800 $4,000 Mortgage interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,000 $43,000 $12,000 Opening UCC . . (Class 1). .Jan 1, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $388,560 $565,864 see note 6A 6. Purchases made during 2023 were as follows: a) A new office building was purchased for $1,290,000. The cost of the land was $370,000 and the balance was allocated to the building. The owner rented the building so the closing date (date the owner took ownership) of September 1st, 2023 coordinated with the new business tenants who occupied the building. The details of the operations are listed above under Property 3. Property 1 was sold during 2023. The closing date of the sale was December 31, 2023. The selling price was $700,000 and the original cost of Property 1 was $530,000. Calculate rental income.

Answer rating: 100% (QA)

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