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Answer
--Entry for Transaction #31
| Accounts title | Debit | Credit |
| Cash [amount received] | $700,000 | |
| Accumulated Depreciation | $200,000 | |
| Plant & Land | $500,000 | |
| Gain on sale/disposal ($ 700000 - 300000) | $400,000 |
(to record disposal of assets)
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