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Jackson company wants to sell a building that is no longer

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Jackson Company wants to sell a building that is no longer needed and consolidate some of their facilities. They paid $340,000 for the building in 2002 and the current carrying value is $300,000. They have an offer from a buyer who wants to purchase the building for $270,000 cash. How much of a gain or loss Jackson should record?-

1. What journal entry should Jackson record for the transaction above?
2. What journal entry should Jackson record if they sell the building for $325,000 cash?

Reference no: EM13598263

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