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Capital Co., a public company, sold its office building for $2,900,000. It had an original cost of $1,900,000 and is measured using the cost model.

Capital Co., a public company, sold its office building for $2,900,000. It had an original cost of $1,900,000 and is measured using the cost model. The carrying value of the office building on the date of sale was $1,600,000, and its fair value at the last reporting period was $2,800,000. Prepare a correct journal entry to record the sale?

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