Question: 1 - The only assets sold during the year was land and a building no longer needed by LC for its operations. The land had

1 - The only assets sold during the year was land and a building no longer needed by LC for its operations. The land had originally cost $250,000, the building had cost $327,000 and the resulting recapture on sale of the building has been correctly determined at $68,500. The building was sold for less than its original cost

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