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Anna007 [38]
2 years ago
15

A company purchased a building for $850,000 on January 1, 2010. As of December 31, 2014, $200,000 of accumulated depreciation ha

d been recorded related to this building. The building was sold to another party for $1,250,000 on January 1, 2015. On the sale of this building, the company should recognize:_______
a. A gain of $650,000
b. A loss of $650,000
c. A gain of $600,000
d. A loss of $600,000
Business
1 answer:
AVprozaik [17]2 years ago
3 0

Answer:

On the sale of this building, the company should recognize:_______

c. A gain of $600,000

Explanation:

a) Data and Calculations:

The cost for the Purchase of building on January 1, 2010 = $850,000

Accumulated depreciation as of December 31, 2014 =           200,000

Book value of building as of December 31, 2014 =               $650,000

Sale proceeds on January 1, 2015 =                                    $1,250,000

Gain from the sale of the building =                                      $600,000

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Answer:

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