Blanc Corporation sold a piece of land for $ 620,000. The land originally cost $ 450,000, but

Question:

Blanc sold a piece of land for $ 620,000. The land originally cost $ 450,000, but Blanc revalued it to $ 600,000 last year. a. What is the gain or loss on the sale? b. What are the journal entries 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...