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Category > Business & Finance Posted 28 May 2017 My Price 12.00

Disposal

Disposal

A company sells a building with a cost of $350,000 and accumulated depreciation of $270,000 and records the entry for the sale as follows:

Cash 70,000

Loss on Disposal 10,000

Building 80,000

Required

a. Did the company prepare the entry correctly? If not, prepare the correct entry.

b. What would the gain or loss on sale be if the sale price was $97,000?

Answers

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Status NEW Posted 28 May 2017 08:05 AM My Price 12.00

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