On September 1, Sparky Co. sold a building for $75,000. The building originally cost $250,000 and had accumulated depreciation of $180,000 as of the date of sale. What would the journal entry to record the sale include? Credit to Accumulated Depreciation for $180,000 Debit to gain for $5,000 Credit to Building for $75,000 Debit to loss for $5,000 Credit to gain for $5,000
On September 1, Sparky Co. sold a building for $75,000. The building originally cost $250,000 and had accumulated depreciation of $180,000 as of the date of sale. What would the journal entry to record the sale include? Credit to Accumulated Depreciation for $180,000 Debit to gain for $5,000 Credit to Building for $75,000 Debit to loss for $5,000 Credit to gain for $5,000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 11MCQ
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On September 1, Sparky Co. sold a building for $75,000. The building originally cost $250,000 and had
Credit to Accumulated Depreciation for $180,000
Debit to gain for $5,000
Credit to Building for $75,000
Debit to loss for $5,000
Credit to gain for $5,000
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