Gain-loss on the sale of the warehouse


Ricardo acquired a warehouse for business purposes on August 30, 1992. The building cost $200,000. He took $133,333 of depreciation on the building and then sold it for  $350,000 on July 1, 2009. What are the amount and nature of Ricardo's gain or loss on the sale of the warehouse?

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Accounting Basics: Gain-loss on the sale of the warehouse
Reference No:- TGS089383

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