weing12345
Feb 19, 2009, 05:33 PM
value of land at date of death is $291375 (property X)
sold the land for $750075
How do you record that above entries?
am I correct to do this entry:
Dr property x 291375
cr Owners equity 291375
to record value of property x at date of death
dr land cost 291375
dr gain/loss 458700
cr Property x 750075
to record sale of property x
sold the land for $750075
How do you record that above entries?
am I correct to do this entry:
Dr property x 291375
cr Owners equity 291375
to record value of property x at date of death
dr land cost 291375
dr gain/loss 458700
cr Property x 750075
to record sale of property x