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Prepare the journal entries to record the transactions

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Question - On April 1, 2020, Pina Company received a condemnation award of $507,400 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 $70,800 and $330,400, respectively, when they were acquired. At April 1, 2020, the accumulated depreciation relating to the building amounted to $188,800. On August 1, 2020, Pina purchased a piece of replacement property for cash. The new land cost $106,200, and the new building cost $472,000.

Required - Prepare the journal entries to record the transactions on April 1 and August 1, 2020.

Reference no: EM132625807

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