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Cullumber Ltd. owned several manufacturing facilities. On September 15 of the current year, Cullumber decided to sell one of its manufacturing buildings. The building had
Cullumber Ltd. owned several manufacturing facilities. On September 15 of the current year, Cullumber decided to sell one of its manufacturing buildings. The building had cost $8,855,000 when originally purchased 7 years ago, and had been depreciated using the straight-line method with no residual value. Cullumber estimated that the building had a 35-year life when purchased. Prepare the journal entry to record the sale of the building on Cullumber's books, assuming 7 years of depreciation has already been recorded in the accounts to the date of disposal. The building was sold for $7,214,000 cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Sept. 15 Account Titles and Explanation Debit Credit D Prepare the journal entry to record the sale of the building on Cullumber's books, assuming 7 years of depreciation has already been recorded in the accounts to the date of disposal. The building was sold for $7,084,000 cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Sept. 15 Debit Credit Prepare the journal entry to record the sale of the building on Cullumber's books, assuming 7 years of depreciation has already been recorded in the accounts to the date of disposal. The building was sold for $6,864,000 cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Sept. 15 Account Titles and Explanation Debit Credit
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