On January 1, 2021, Fishbone Corporation sold a building that cost $2,250,000 and that had...
60.1K
Verified Solution
Link Copied!
Question
Accounting
On January 1, 2021, Fishbone Corporation sold a building that cost $2,250,000 and that had accumulated depreciation of $2,000,000 on the date of sale. Fishbone received as consideration a $300,000, 8% note due on January 1, 2024.
a. What is the amount of gain or loss from the sale of the building?
b. Prepare the journal entries to record the sale for Fishbone on January 1, 2021 and the entry to recognize interest on December 31, 2021.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.