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For a gain on sale of land, how would you book the transaction? Let's say the property was purchased for 100,000 (no depreciation because it's

For a gain on sale of land, how would you book the transaction?

Let's say the property was purchased for 100,000 (no depreciation because it's land) and sold 3 years later for $175,000. Please show the journal entries upon acquisition and disposition. Would this be a capital gain or ordinary gain? Do you have enough facts to answer if it would be capital or ordinary?

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