Hello. I need help with solving these, I have the answers below, Im just not sure how to get them. Can someone show me step by step on how to get these numbers (except 1)? Thank you.
On 13 September 20X1. Nitish Corp's board of directors moved the company's operations into a newly constructed building and declared its old building available for sale. The original cost of the old building was $21 million it was 30% depreciated Other information is as follows: a. On 15 September, a professional appraisal of the old building estimated its value as $12 million b. On 24 September. Nitish engaged a commercial property developer to place the building on the market for $12 million. Despite some softness in the market the developer expects to be able to sell the building within the next nine months. The developer charges a commission of 4% on final sale. c. By 31 December, the commercial real estate market had "softened considerably. Although the developer held the official asking price at $12 million, Nitish and the developer agreed they would consider offers as low as $10.5 million d. Despite receiving several "lowball" offers from prospective buyers over the first two months of 20x2, Nitish's management did not accept any of the offers. e. By 31 March 20x2, the end of Nitish's first reporting quarter, the market had improved considerably. The developer relisted the property at $13.5 million, its newly appraised value. f. On 27 April 20x2, Nitish's board accepted an offer of $13.7 million Required: Prepare the appropriate general journal entries to record the information above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars amount.) Inh the buildin million No General Journal Date 13 September 20X1 1 Debit Credit Accumulated depreciation - Building Building (non-current asset) 6,300,000 6,300,000 2 15 September 20X1 No journal entry required 3 24 September 20X1 Loss on asset held for sale Building (non-current asset) 3,180,000 3,180,000 4 24 September 20X1 Building held for sale - current asset Building (non-current asset) 11,520,000 11,520,000 5 31 December 20X1 Loss on asset held for sale Building held for sale - current asset 1,440,000 1,440,000 6 31 March 20X2 Building held for sale - current asset Gain (recovery) on building held for sale 2,880,000 2,880,000 7 13,152,000 27 April 20x2 Receivable from sale of building Building held for sale - current asset Gain on disposal of building held for sale 12,960,000 192,000