- 282 -
In 1989, IRA accepted $822,841 as the final principal
payment, reducing the selling price to the total principal
payments of $3,043,752. For purposes of computing the 1989 gain,
adjusted gross profit on the sale is reduced to $2,521,252
($3,043,752 - $522,500). Thus, the gain recognized in 1989 is
$674,563 (the adjusted gross profit $2,521,252 less the
$1,846,689 gain recognizable in prior years).
The payments related to these transactions paid by the Five
to IRA and its subsidiaries during the years 1978 through 1989
were as follows:
Page: Previous 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 NextLast modified: May 25, 2011