Prepare a separate journal entry to record the disposition

Assignment Help Financial Accounting

Reference no: EM13938392

DISPOSITION OF OPERATING ASSETS

In order to provide capital for new hotel construction in other locations, Wilton Hotel Corporation has decided to sell its hotel in Pierre, South Dakota. Wilton auctions the hotel and its contents on October 1, 2009, with the following results:

Land	$600,000
Building	300,000
Furniture and fixtures	120,000

Wilton's accounting records reveal the following information about the assets sold:

Asset	Acquisition Cost	Accumulated Depreciation
Land	$ 15,000
Building	350,000	$295,000
Furniture and fixtures	298,000	133,000

Required:

Prepare a separate journal entry to record the disposition of each of these assets.

Reference no: EM13938392

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