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  1. Oct 10, 2017, 12:18 PM

    Question: How do I record the gain/loss on a sale of land for the company that I work for?

    by phugh003
    Answers
    2
    Views
    6,669

    Dr. Cash $1,544,319.84 (net...

    Dr. Cash $1,544,319.84 (net proceeds)
    Dr. Selling costs 121,845.91
    Cr. Land 346,936.72
    Cr. Gain on Sale ...
  2. Oct 10, 2017, 09:20 AM

    Question: How do I record the gain/loss on a sale of land for the company that I work for?

    by phugh003
    Answers
    2
    Views
    6,669

    How do I record the gain/loss on a sale of land for the company that I work for?

    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:...
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