Phil Collins Realty Corporation purchased a tract of unimproved land for $54,000. This land was improved and subdivided into building lots at an additional cost of $29,000. 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	Price per Lot
1	9	$3,900
2	16	5,200
3	19	2,600

Operating expenses for the year allocated to this project total $16,600. Lots unsold at the year-end were as follows.

Group 1	5lots
Group 2	8lots
Group 3	4lots

At the end of the fiscal year Phil Collins Realty Corporation instructs you to arrive at the net income realized on this operation to date.