record the transaction in a journal entry

Price: $5 USD

Question description

Sold a building that had a cost of $655,000 and had a accumulated depreciation of $150,000 through December 31 of the preceding year. Depreciation is computed on a straight-line basis. The building has a 40-year useful life and a residual value of 275,000. Roper received $140,000 cash and a $360,250 note receivable.

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(Top Tutor) Daniel C.
School: University of Virginia
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