8. Apple Corporation purchased a tract of unimproved land for $610,000. This land was improved and subdivided into building lots at an additional cost of $125,000. These building lots were all of the same size owing to differences in location were offered for sale at different prices as follows. but Group No. of Lots Price per Lot $25,000 20,000 18,000 21 13 Operating expenses for the year allocated to this project total $72,500. Lots unsold at the year-end were as follows. Group 1 Group 2 3 lots Group 3 4 lo 9 lots Instructions-20 points Calculate the net income realized at the end of the fiscal year for Apple Corporation's lump sum purchase using the Relative Sales Value Method. Show all calculations! (Hint: looking for income statement)