Reference no: EM132758282

Question: On July 1, 2015, two years after the original purchase, Diamond Decals sold a building and the related land to another party. The building and land were originally purchased for $1,500,000, and $100,000 of depreciation had been recognized against the building. Diamond Decals received $1,100,000 from the purchaser of the land and building. How would the sale of the land and building be recorded? The value of the land had remained constant at $300,000 and depreciation on the building had been recorded through June 30.