Eli Johnson associates service American eating habits the companies accounts include land buildings office equipment and communication equipment with a separate accumulated depreciation account for each depreciable asset during 2024 Eli Johnson associates completed the following transactions

September 1: sold a building that cost $520,000 (accumulated depreciation of $285,000 through December 31 of the preceding year) Eli Johnson associates received $420,000 cash from the sale of the building depreciation is computer on a straight line basis the building has a 40 year useful life and residual residual value of $25,000

Now record the sale of the building on September 1