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06-12-2019
Business

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An investor is purchasing an apartment complex with 60 units. The monthly rent per each unit is $450. Closing is scheduled for March 22. What will be the March rent prorations?

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ismailbajaj ismailbajaj

06-12-2019

Answer:

Credit the buyer $7,200 and debit the seller $7,200.

Explanation:

Rationale: The total rents obtained are:

USD 450 x USD 60 = USD 27,000 monthly.

The day to day rents are:

USD 900 (USD 27,000 ÷ 30)

The buyer will have the state for eight (8) days.

USD 900 x 8 days = USD 7,200 March rents

The seller will have to give to the buyer at ending:

Credit the buyer $7,200 and debit the seller $7,200.

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