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sale of inherited land
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 |
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