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Problem 7-74A Disposition of Fixed Assets In order to provide capital for new hotel construction...

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Accounting

Problem 7-74A Disposition of Fixed Assets

In order to provide capital for new hotel construction in other locations, Wilton Hotel Corporation has decided to sell its hotel in Pierre, South Dakota. Wilton auctions the hotel and its contents on October 1, 2019, with the following results:

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Problem 7-74A Disposition of Fixed Assets In order to provide capital for new hotel construction in other locations, wilton Hotel Corporation has decided to sell its hotel in Pierre, South Dakota. Wilton auctions the hotel and its contents on October 1, 2019, with the following results: Land Building Furniture Wilton's accounting records reveal the following information about the assets sold $600,000 225,000 120,000 Asset Acquisition Cost Accumul ulated Depreciation 55,000 Building Furniture Required: Prepare a separate journal entry to record the disposition of each of these assets. Make the journal entries for the disposition of the assets in the order that they appear in the table above. if an amount box does not require an entry, leave it blank 50,000 285,500 $155,000 133,000 f each of 2019 Oct Record disposal of lanc) 2019 Oct Record disposal of building) 2019 Oct Record disposal of furniture and fixtures)

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