Prepare the journal entry of selling the assets (make the entries of removing the assets form the company's books, receiving the cash, and the gain/loss associated with selling) 3. Assume G-1 Designing Consultants purchased a building for $420,000 and depreciated it on a straight-line basis over 40 years. The estimated residual value was $56,000. After using the building for 20 years, the building was sold for $200,000