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Prepare the journal entries to record the transactions

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Reference no: EM131793822

Question - Disposition of Assets

On April 1, 2010, Pavlova Company received a condemnation award of $410,000 cash as compensation for the forced sale of the company's land and building, which stood in the path of a new state highway. The land and building cost $60,000 and $280,000, respectively, when they were acquired. At April 1, 2010, the accumulated depreciation relating to the building amounted to $160,000. On August 1, 2010, Pavlova purchased a piece of replacement property for cash. The new land cost $90,000, and the new building cost $380,000.

Instructions - Prepare the journal entries to record the transactions on April 1 and August 1, 2010.

Reference no: EM131793822

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