In order to provide capital for new hotel construction in other locations, Wilton Hotel Corporation has decided to sell its hotel in Pierre, South Dakota. Wilton auctions the hotel and its contents on October 1, 2009, with the following results:
Land ............ $600,000
Building .......... 300,000
Furniture and fixtures ..... 120,000
Wilton€™s accounting records reveal the following information about the assets sold:

Required:
Prepare a separate journal entry to record the disposition of each of theseassets.

Transcribed Image Text:

Asset Acquisition Cost 15,000 350,000 298,000 Accumulated Depreciation Land Building Furniture and fixtures $295,000 133,000