Homework Answers
Solution: The answer is (C) $700,000
1) Building sold during year = Opening Balance + Purchases during year - Closing Balance
= $800,000 + $ 1,500,000 - $1,600,000 = $700,000
2) No information is provided in relating to depreciation, so depreciation is not considered.
3) Options [A],[B],[D] are not correct because option [C] is correct.
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