Virginia and Dan each own investment realty that they would like to trade. Virginia's property is subject to mortgage debt of $2,000 and has a net of mortgage value of $6,000 . Dan's property is subject to mortgage debt of $30,000 and has a net of mortgage value of $5,000 . Virginia and Dan agree to exchange properties and assume each other's debt. Dan pays Virginia $1,000 cash, and the exchange
is completed. What is the gross selling price of Virginia's property?
a. $2,000
b. $6,000
c. $8,000
d. $5,000
e. $35,000
c
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