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Vijay sells land and receives $5,000 cash, a motorcycle worth $1,600, and two tickets to the Super Bowl with a total face value (cost) of $800 but worth $1,200. In addition, the buyer assumes the mortgage on the land of $12,000. What is Vijay's amount received in this transaction?

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cecylya

Answer:

In this transaction Vijay received $19,800

Explanation:

To get the total amount that Vijay received we have to add all the items.  

Cash=  $5,000

Motorcycle= $1,600

Tickets=$1,200

We consider $1,200 because we use the market price.  If the buyer want to buy it in the actual market ,  how much he will pay?

Mortgage=$12,000

We consider the mortgage because Vijay don´t have to pay it any more ,  the buyer will pay it ,  so we don´t have the debt

So Vijay received =$5,000+$1,600+$1,200 +$12,000=$19,800

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