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Explain how to complete the journal entry

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Question - Explain how to complete the following journal entry: A company sold a small surplus piece of land, which it had bought as part of the purchase of net assets on Jan. 1, 2020. This parcel of land, located several blocks from their tire service centre, was sold to Red Deer Motors for $50,000 (cheque number 429 dated 12/31/2020 was received the same day from Red Deer Motors). There is no GST on this sale transaction. The cost of this land was $40,000.

Reference no: EM132925524

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