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Please record the journal entries

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Question - A unit with a book value of $800,000 is being replaced by XYZ Inc. Originally it was built using high-quality glass which both prevents sun damage and avoids reflections on the items within the unit. It has been used for several years to store materials. XYZ is seeking a buyer so that the unit can be sold and moved out to make room for the new unit which is scheduled to be delivered within the next three months. The new unit has been quoted to XYZ at $700,000. The old unit has been advertised for sale at $600,000. Costs of dismantling are estimated to be $100,000. The buyer will pay for shipping, customization, and installation as required by the buyer. Please record the journal entries?

Reference no: EM133140618

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