Housing Developments Ltd purchased land for $750,000 in 2016. It was revalued to $950,000 in 2020. On 14 March 2022, the land is sold for $1,050,000 to Best Builder Ltd. At the time of sale, Best Builder Ltd owed Housing Developments Ltd $50,000, and so the purchase price included cash and the settling of this debt. The sale of the land needs to be recorded.

Note: Any amount in the Revaluation Surplus account related to land should be eliminated or transferred to retained earnings upon sale of the land. Ignore GST.

Required:

Prepare the journal entry for the sale of the land.

Use the answer template below

Housing Developments Ltds General Journal:

Date	Account Names	Debit	Credit
14/3/2022
	(To record the sale of land)