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Sheridan Company built a warehouse for $425,700. It could have purchased the building for $498,800. The controller made the following entry. 498,800 Buildings Cash, Materials,

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Sheridan Company built a warehouse for $425,700. It could have purchased the building for $498,800. The controller made the following entry. 498,800 Buildings Cash, Materials, Other Accounts Profit on Construction 425,700 73,100 Prepare the entry that should have been made to record the acquisition. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

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