declared Its old bullding available for sale. The original cost of the old bullding was $22...

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declared Its old bullding available for sale. The original cost of the old bullding was $22 million; it was 30% depreclated. Other information is as follows: a. On 15 September, a professlonal appralsal of the old bullding estimated Its value as $13 millon. b. On 24 September, Nitish engaged a commerclal property developer to place the bullding on the market for $13 mllion. Despite some softness In the market the developer expects to be able to sell the building within the next nine months. The developer charges a commisslon of 6% on final sale. C. By 31 December, the commerclal real estate market had "softened" considerably. Although the developer held the officlal asking price at $13 million, Nitish and the developer agreed they would consider offers as low as $11.5 million. d. Despite recelving several "lowball" offers from prospective buyers over the first two months of 20X2, Nitish's management did not accept any of the offers. e. By 31 March 20X2, the end of Nitish's first reporting quarter, the market had Improved considerably. The developer relisted the property at $14.5 million, Its newly appralsed value. f. On 27 April 20X2, Nitish's board accepted an offer of $14.7 million. Requlred: Prepare the approprlate general journal entries to record the information above. (If no entry Is requlred for a transactlon/event, select "No Journal entry requlred" In the first account fleld. Enter your answers In whole dollars amount.) View transaction list Assessment Tool iFrame Journal entry worksheet 2 4 6 Record the entry to offset the accumulated depreciation against the building's cost. Note: Enter debits before credits. Date General Journal 13 September 20X1 Accumulated depreciation – Building Debit Credit 6,600,000 Building (non-current asset) 6,600,000 declared Its old bullding available for sale. The original cost of the old bullding was $22 million; it was 30% depreclated. Other information is as follows: a. On 15 September, a professlonal appralsal of the old bullding estimated Its value as $13 millon. b. On 24 September, Nitish engaged a commerclal property developer to place the bullding on the market for $13 mllion. Despite some softness In the market the developer expects to be able to sell the building within the next nine months. The developer charges a commisslon of 6% on final sale. C. By 31 December, the commerclal real estate market had "softened" considerably. Although the developer held the officlal asking price at $13 million, Nitish and the developer agreed they would consider offers as low as $11.5 million. d. Despite recelving several "lowball" offers from prospective buyers over the first two months of 20X2, Nitish's management did not accept any of the offers. e. By 31 March 20X2, the end of Nitish's first reporting quarter, the market had Improved considerably. The developer relisted the property at $14.5 million, Its newly appralsed value. f. On 27 April 20X2, Nitish's board accepted an offer of $14.7 million. Requlred: Prepare the approprlate general journal entries to record the information above. (If no entry Is requlred for a transactlon/event, select "No Journal entry requlred" In the first account fleld. Enter your answers In whole dollars amount.) View transaction list Assessment Tool iFrame Journal entry worksheet 2 4 6 Record the entry to offset the accumulated depreciation against the building's cost. Note: Enter debits before credits. Date General Journal 13 September 20X1 Accumulated depreciation – Building Debit Credit 6,600,000 Building (non-current asset) 6,600,000

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Date General Journal Debit Credit 13 September 20x1 Accumulated depreciation... View the full answer