Verde Corporation sold a piece of land for $ 720,000. The land originally cost $ 810,000, but

Question:

Verde sold a piece of land for $ 720,000. The land originally cost $ 810,000, but Verde had revalued it to $ 700,000 two years ago. What is the gain or loss on the sale? What is the journal entry to record the sale? Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...