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Problem V: (12 pts) Avent Corp. has the following account balances related to land and a building as of March 1, 2019: Credit Land Building
Problem V: (12 pts) Avent Corp. has the following account balances related to land and a building as of March 1, 2019: Credit Land Building Accumulated Depreciation (through 3/1/19) Debit $ 400,000 $ 5,000,000 $ 4,000,000 The building was purchased several years ago and has been used in the business ever since. In March of 2019, the following occurred with respect to the building: On March 1, the building is demolished at a cost of $25,000 in cash. . On March 20, scrap metal generated from the building's demolish- ment was sold for $10,000 cash. On March 31, Avent recorded the full disposal of the building. Required: Record the cost to demolish the old building, the cash re- ceived from the scrap metal sale, and the disposal of the building. Debit Credit Date March 1 March 20 March 31
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