Novak Realty Corporation purchased a tract of unimproved land for $53,000. This land was improved and subdivided into building lots at an additional cost of $30,000. These building lots were all of the same size but owing to differences in location were offered for sale at different prices as follows Group No. of Lots 8 15 18 Price per Lot $4,200 5,600 3,360 2 Operating expenses for the year allocated to this project total $18,000. Lots unsold at the year-end were as follows Group 1 Group 2 5 lots 7 lots 2 lots Group 3 At the end of the fiscal year Novak Realty Corporation instructs you to arrive at the net income realized on this operation to date. (Round ratios for computational purposes to 4 decimal places, e.g. 78.723496 and final answer to 0 decimal places, e.g. 5,845.) Net income Click if you would like to Show Work for this question: Open Show Work