A company owns a building with a net asset value of 120000, Financial Accounting

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A company owns a building with a net asset value of 120000

A company owns a building with a net asset value of $120,000 at December 31, 2011. The building had a five-year remaining life at December 31, 2011. The company also has a revaluation surplus balance of $50,000 in OCI related to this building at December 31, 2011. The company sells this building on December 31, 2011, for $200,000. What is the gain to be recorded on this transaction?

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Financial Accounting: A company owns a building with a net asset value of 120000

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Financial Accounting: A company owns a building with a net asset value of 120000

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