Steve sold for $200,000 his undivided one-third interest in an apartment building in which he had $30,000 adjusted basis. The buyer put $40,000 down, assumed Steves share of the mortgage, and signed an installment obligation with a face value of $120,000. $20,000 of the principal was paid at the end of the year sale. Compute the following:

a. Contract price

b. Gross profit and gross profit percentage.

c. Payment in year of sale

d. Gain in the year of sale