compute net rental income for 2017. complete the required

#3) (4 Marks) You decided to become a landlord. On March 1, 2017, you started your rental activities by purchasing a piece of real estate. Details for the year are shown below: Purchase price for Rental Building $150,000 Purchase price for Land $60,000 Total Purchase Price $210,000 Inflows: Monthly rent of $1,000 for each month (March to December) Outflow: Costs to replace old roof to extend life of building Costs to repaint and clean carpet Utilities Property Taxes House Insurance $7,200 $1,200 $3,000 $2,800 $1,100 REQUIRED: Compute the net rental income for 2017. Assume you want to minimize income as much as possible. Show all calculations