QUESTION 35 Donna purchased investment land on January 1 Year 3 for $150,000. On January 1, Year 5, she sold the land for $40,000 cash down-payment plus the buyer signed a note for $300,000 to be paid evenly over the next 3 years, beginning January 1, Year 6. The buyer assumed Donna's $70,000 mortgage on the land. Donna also paid selling expenses of $22,000 For purposes of the installment sales method, what is the gross profit percentage on the sale? 70% 58% 61% 79% 2,5 points