The Mite Company sold a building for ($ 350,000) that had a book value of ($ 450,000).
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The Mite Company sold a building for \(\$ 350,000\) that had a book value of \(\$ 450,000\). The building had originally cost the company \(\$ 12,000,000\) and had accumulated depreciation to date of \(\$ 11,550,000\). Prepare a journal entry to record the sale of the building.
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