problem

Now, assume thatat a later timethis same piece of land is sold to an outside party for cash of $11,000. A sale occurs here but the land is not inventory. It was not bought specifically to be resold within the normal course of business. Selling land is not the primary operation of the Lawndale Company. Should revenue be recorded along with cost of goods sold when land is sold? These accounts are used in journalizing the sale of inventory. Does the same reporting apply to the sale of other items such as land or equipment?