Following are summarized transaction data for Luxury Apartments, Inc., for the year ending June 30, 1999. The company owns and operates an apartment building.

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Rent revenue from building owned Building repairs Building cleaning, labor cost. Property taxes on the building Insurance on the building Commissions paid to rental agent. Legal and accounting fees (for preparation of tenant leases) $150,000 2,870 3,185 4,000 1,225 5,000 1,260 8,225 5,000 Utilities expense Cost of new awnings (installed on June 30, will last 10 years). Of the $150,000 rent revenue, $5,000 was not collected in cash until July 5, 1999.