Please answer in detail and also make sure the answer is complete. Additional...
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Additional Problem 6 (Part Level Submission) Skysong Ltd. owned several manufacturing facilities. On September 15 of the current year, Skysong decided to sell one of its manufacturing buildings. The building had cost $8,925,000 when originally purchased 7 years ago, and had been depreciated using the straight-line method with no residual value. Skysong estimated that the building had a 35 year life when purchased. Prepare the journal entry to record the sale of the building on Skysong's books, assuming 7 years of depreciation has already been recorded in the accounts the building was sold for $7,300,000 cash. (Credit (a) account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Sept. 15
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