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.