On March 14, 2016, Big A Corp purchased land for $100,000. Big A completed construction of a warehouse on the land in 2016 at a cost of $1,000,000 and immediately began depreciating it over 25 years on a straight-line basis to a $100,000 salvage value. On April 18, 2022, Big A sold the land and warehouse to WalCo. In exchange for the warehouse and land, WalCo gave Big A a used tractor-trailer having a market value of $85,000, $250,000 in cash, and a $650,000 note payable in 6 months bearing an interest rate of 6.0%.

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A. Prepare in good form the Big A Corp’s journal entry record the sale of the land and warehouse.

B. Prepare in good form Walco’s journal entry to record payment of the note payable at the mat

Answer rating: 100% (QA)

Land 2 100000 Whare house 1000 wow Soldaft Goye ar Deprecation 100... View the full answer