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Prepare the journal entry to record the sale of the building after having used the cost model. (Credit account titles are automatically indented when the amount is

Prepare the journal entry to record the sale of the building after having used the cost model. (Credit account titles are automatically indented when the amount is

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Prepare the journal entry to record the sale of the building after having used the cost model. (Credit account titles are automatically indented when the amount is
Transcribed Image Text:Prepare the journal entry to record the sale of the building after having used the cost model. (Credit account titles are automatically indented when the amount is
Kingbird Assets Inc., a publicly listed company, has a building with an initial cost of $371,000. At December 31, 2023, the date of revaluation, accumulated depreciation amounted to $113,000. The fair value of the building, by comparing it with transactions involving similar assets, is assessed to be $283,800. On January 5, 2024, Kingbird sold the building for $278,800 cash.
Transcribed Image Text:Kingbird Assets Inc., a publicly listed company, has a building with an initial cost of $371,000. At December 31, 2023, the date of revaluation, accumulated depreciation amounted to $113,000. The fair value of the building, by comparing it with transactions involving similar assets, is assessed to be $283,800. On January 5, 2024, Kingbird sold the building for $278,800 cash.
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