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What would be the gain or loss on sale of land in the transaction attached? Why?

What would be the gain or loss on sale of land in the transaction attached? Why?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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What would be the gain or loss on sale of land in the transaction attached? Why?

Safari File Edit View History Bookmarks Window Help 36% O Wed 2:43 AM ng.cengage.com My Home Mind Tap - Cengage Learning what is a realized cash from sale - Google Search >> CENGAGE MINDTAP Q Search this course Chapter 13: Statement of Cash Flows AA $ 594,000 26,400 $ 631,200 Accounts payable (merchandise creditors) . Income taxes payable . Bonds payable..... Common stock, $20 par. Paid-in capital in excess of par-common stock. Retained earnings..... Total liabilities and stockholders' equity.. 21,600 330,000 320,000 180,000 950,000 810,000 2,822,000 $5,042,400 2,574,600 $4,217,400 А-Z The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 20Y2 are as follows: ACCOUNT Land ACCOUNT NO. + Balance Date Item Debit Credit Debit Credit > 20Y2 Jan. 1 Balance 1,386,000 Apr. 20 Realized $456,000 cash from sale 396,000 990,000 ACCOUNT Buildings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 990,000 Aprг. 20 Acquired for cash 990,000 1,980,000 ACCOUNT Accumudatad Denrociation D..ildinae ACCOUNT NO 山于國A 7,234 NOV 11 étv W
Transcribed Image Text:Safari File Edit View History Bookmarks Window Help 36% O Wed 2:43 AM ng.cengage.com My Home Mind Tap - Cengage Learning what is a realized cash from sale - Google Search >> CENGAGE MINDTAP Q Search this course Chapter 13: Statement of Cash Flows AA $ 594,000 26,400 $ 631,200 Accounts payable (merchandise creditors) . Income taxes payable . Bonds payable..... Common stock, $20 par. Paid-in capital in excess of par-common stock. Retained earnings..... Total liabilities and stockholders' equity.. 21,600 330,000 320,000 180,000 950,000 810,000 2,822,000 $5,042,400 2,574,600 $4,217,400 А-Z The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 20Y2 are as follows: ACCOUNT Land ACCOUNT NO. + Balance Date Item Debit Credit Debit Credit > 20Y2 Jan. 1 Balance 1,386,000 Apr. 20 Realized $456,000 cash from sale 396,000 990,000 ACCOUNT Buildings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 990,000 Aprг. 20 Acquired for cash 990,000 1,980,000 ACCOUNT Accumudatad Denrociation D..ildinae ACCOUNT NO 山于國A 7,234 NOV 11 étv W
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