Nash Ltd. owned several manufacturing facilities. On September 15 of the current year, Nash decided to sell one of its manufacturing buildings. The building had cost $9,240,000 when originally purchased 7 years ago, and had been depreciated using the straight-line method with no residual value. Nash estimated that the building had a 35-year life when purchased. (a) Your answer is correct. Prepare the journal entry to record the sale of the building on Nash's books, assuming 7 years of depreciation has already been recorded in the accounts to the date of disposal. The building was sold for $7,572,000 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 Debit Credit Sept. 15 Cash 7572000 Accumulated Depreciation - Buildings 1848000 Gain on Disposal of Building 180000 Buildings 9240000 e Textbook and Media (b) Prepare the journal entry to record the sale of the building on Nash's books, assuming 7 years of depreciation has already been recorded in the accounts to the date of disposal. The building was sold for $7,392,000 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 for the amounts.) Account Titles and Explanation Debit Credit Date Sept. 15 e Textbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit