What is the gain to be recorded on this transaction, Accounting Basics

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What is the gain to be recorded on this transaction

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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Accounting Basics: What is the gain to be recorded on this transaction

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Accounting Basics: What is the gain to be recorded on this transaction

Reference No:- TGS0704894

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Recent Questions Asked Accounting Basics

Q : What percentage completion would result

Q : Modified to accommodate sales of services

Q : Describe the primary manufacturing facilities

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Q : What is the gain to be recorded on this transaction

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Q : What is the amount of under- or overapplied overhead

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What is the gain to be recorded on this transaction

Reference No:- TGS0704894

Recent Questions Asked Accounting Basics

Q : What percentage completion would result

Q : Modified to accommodate sales of services

Q : Describe the primary manufacturing facilities

Q : Determine the equivalent units for march

Q : What is the gain to be recorded on this transaction

Q : Medisecure uses the fifo method

Q : What is the amount of under- or overapplied overhead

Q : When the furniture was purchased four years ago

Q : Why the sapphire corporation declared a dividend

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