What would be the gain or loss on sale of land in the transaction attached? Why? SafariFileEditViewHistoryBookmarksWindowHelp36% OWed 2:43 AMng.cengage.comMy HomeMind Tap - Cengage Learningwhat is a realized cash from sale - Google Search>>CENGAGE MINDTAPQ Search this courseChapter 13: Statement of Cash FlowsAA$ 594,00026,400$ 631,200Accounts 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..21,600330,000320,000180,000950,000810,0002,822,000$5,042,4002,574,600$4,217,400А-ZThe noncurrent asset, noncurrent liability, and stockholders' equity accounts for 20Y2 are as follows:ACCOUNT LandACCOUNT NO.+BalanceDateItemDebitCreditDebitCredit>20Y2Jan.1Balance1,386,000Apr.20Realized $456,000 cashfrom sale396,000990,000ACCOUNT BuildingsACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan.1Balance990,000Aprг.20Acquired for cash990,0001,980,000ACCOUNT Accumudatad DenrociationD..ildinaeACCOUNT NO山于國A7,234NOV11étvW

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

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

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