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    weing12345's Avatar
    weing12345 Posts: 2, Reputation: 1
    New Member
     
    #1

    Feb 19, 2009, 05:33 PM
    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
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
     
    #2

    Feb 19, 2009, 07:08 PM

    Debit Cash for the amount of Cash received
    Credit Land for the cost on the books
    Credit Gain on Sale for the Difference

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