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Assume that Rice Corp. originally recorded the building at a cost of $500,000. On 7/1/2023 Rice Corp. sells the building for $300,000. Record the

Assume that Rice Corp. originally recorded the building at a cost of $500,000. On 7/1/2023 Rice Corp. sells the building for $300,000. Record the journal entry for this transaction. What is the gain or loss Rice will record related to this sale? Round all calculations to the nearest dollar.

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The journal entry for the sale of the building by Rice Corp would be as follows Date 712023 Debit Ca... blur-text-image

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