The Gamble Company completed a sale of several Las Vegas buildings for proceeds of $6.6 billion, including $2 billion in cash and $4.6 billion of notes (a promise to pay later). The sale resulted in a gain of $1.5 billion. At the time of the sale, the Accumulated Depreciation on the buildings was $1 billion. 

What was the effect of this transaction on the financial statements?

Answer rating: 100% (QA)

The sale of the Las Vegas buildings had the following effects on the financial statements of the Gam... View the full answer