Question

Windsor itd, owned several manufacturing facilities. On September 15 of the current year, Windsor decided to sell one of its manufacturing buildings. The building had.co 99.435,000 when originally purchased years ago, and had been depreciated using the straight-line method with no residual value. Windsor estimated that the building had a 35-year wife when purchased. Prepare the journal entry to record the sale of the building on windsor's books, assuming 8 years of depredation has already been recorded in the accounts to the date of disposal. The building was sold for $7,557,000 cash. (Credit account titles are automatically indented when the amount is entered. Do not indent minully. Il no entry is ruiner, select "No Entry" for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Sept. 15 Prepare the journal entry to record the sale of the building on Windsor's books, assuming 8 years of depreciation has already been recorded in the accounts to the date of disposal. The building was sold for $7,317,000 cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Il no entry is required, select "No Entry for the account titles and enter for the amounts) Debit Credit Date Account Titles and Explanation Sept. 15 Prepare the journal entry to record the sale of the building on Windsor's books, assuming 8 years of depreciation has already been recorded in the accounts to the date of disposal. The building was sold for $7,167,000 cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Dehit C redit Date Account Titles and Explanation Sept. 15

Answer 1

Part-1: Journal Entry
Date	Accounts Tittle	Debit	Credit
15-Sep	Cash	$7,557,000.00
	Accumualated Depreciation (9485000/35*8)	$2,168,000.00
	Building		$9,485,000.00
	Gain on sale of Building		$240,000.00
Part-2: Journal Entry
Date	Accounts Tittle	Debit	Credit
15-Sep	Cash	$7,317,000.00
	Accumualated Depreciation (9485000/35*8)	$2,168,000.00
	Building		$9,485,000.00
Part-3: Journal Entry
Date	Accounts Tittle	Debit	Credit
15-Sep	Cash	$7,167,000.00
	Accumualated Depreciation (9485000/35*8)	$2,168,000.00
	Loss on Sale of Building	$150,000.00
	Building		$9,485,000.00