A building has a cost of $700,000 and accumulated depreciation of $340,000. The building is exchanged for

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A building has a cost of $700,000 and accumulated depreciation of $340,000. The building is exchanged for land. Make the necessary journal entry if
(1) The land has a market value of $400,000 and
(2) The land has a market value of $200,000.

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Intermediate Accounting

ISBN: 978-0324592375

17th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

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Question Posted: Jan 29, 2012 12:20 AM

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A building has a cost of $700,000 and accumulated depreciation of $340,000. The building is exchanged for

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1 Land 400000 Accumulated Depreciation 34000...View the full answer

Intermediate Accounting

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