I need to know how to record the journal entries for gain on sale of land. The facts are as follows:
Purchase Price $ 1,666,165.75
Cost Basis $346,936.72
Closing Costs:
Commission $ 99,969.94
Title Policy $ 8,899.00
Other Title Charges $ 412.26
Tax Certificate $ 76.58
Survey $ 2,500.00
County Prop Taxes $ 7,795.63
Attorney Fees $ 2,192.50
Net Proceeds $ 1,544,319.84