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What gain or loss on disposal of the assets would be

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Problem 1: The Breakfast Club Company purchased land and building on January 1, 2003 for a combined price of $285,000. The Breakfast Club Company allocated 75% of the purchase price to the building and 25% to the land to approximate their individual fair values. The building was depreciated using the double diminishing-balance and accumulated depreciation to date was correctly computed as $190,000. The land and building was subsequently sold on June 18, 2021 for a combined price of $650,000. What gain or loss on disposal of these assets would be reported in 2021?

Reference no: EM132629184

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