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On February 1, 2019, Colly Corp. sold a building for $2,250,000. The building had an original cost of $2,500,000 and accumulated depreciation of $220,000 at

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On February 1, 2019, Colly Corp. sold a building for $2,250,000. The building had an original cost of $2,500,000 and accumulated depreciation of $220,000 at the time of the sale. The journal entry to record the asset disposal would include: Credit to the Building account for 52.280,000 Debit to the Loss on Sale of Building account for $250.000 Debit to the Gain on Sale of Building account for $30.000 Debit to the Loss on Sale of Building account for $30,000

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