Question: A company sells a building with a cost of 350 000

A company sells a building with a cost of $350,000 and accumulated depreciation of $270,000 and records the entry for the sale as follows:
Required
a. Did the company prepare the entry correctly? If not, prepare the correct entry.
b. What would the gain or loss on sale be if the sale price was $97,000?

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  • CreatedJuly 16, 2015
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