Reference no: EM132693456
Question - Mitchell Ltd. decided on 1 May 2020 to dispose of an asset group consisting of land, land improvements, and a building. An active plan of disposal is being carried out, and sale is highly probably within the following year. The asset's carrying values and estimated recoverable amounts at 1 May 2020 are as follows:
Cost Carrying Value Estimated Recoverable Amount
Land $650,000 $650,000 $715,000
Land Improvements 225,000 135,000 120,000
Building 3,500,000 2,800,000 2,500,000
$4,375,000 $3,585,000 $3,335,000
On 31, December 2020, the net recoverable amount for the group is reliably estimated to be $3,200,000. On 17 March 2021, the asset group is sold for $3,500,000, net of costs to sell.
Required - Make journal entries that are appropriate to record the information above.
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