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Prepare the journal entry to record the sale

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Reference no: EM131715408

Exercise - Ellis Industries sells a building that has an original cost of $200,000 and an accumulated depreciation balance of $100,000.

Required:

a. Prepare the journal entry to record the sale assuming the sales price was $100,000.

For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".

b. Prepare the journal entry to record the sale assuming the sales price was $95,000.

For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".

c. Prepare the journal entry to record the sale assuming the sales price was $108,000.

For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".

Reference no: EM131715408

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