Question 5
A company has a building that it originally bought for $500,000. As of 9/9/2012, there is $100,000 of Accumulated Depreciation on the building. On 9/9/2012, the company sells the building for $420,000.
How will this transaction show up on the income statement?
The journal entry is: Dr. Cash 420,000; Dr. Accumulated Depreciation 100,000; Cr. Gain on Sale 20,000; Cr. Buildings 500,000. Thus, there will be a Gain on sale of Building of $20,000.
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