Homework Answers
Cost of Building = $240300
Depreciation Charged in 2016 = $5250
Depreciation. Charged in 2017 = $6000
Depreciation Charged in 2018 = $6000
Depreciation Charged in 2019 = $3000
Total Depreciation. Charged = 5250 + 6000 + 6000 + 3000 = $20250
Book Value in 2019 = Cost - Depreciation = 240300 - 20250 = $220050
Selling Price of Building = $250700
Partnership's Gain = Selling Price - Book Value = 250700 - 220050 = $30650
Hence, The Partnership's GAIN on the sale of the Building is $ 30650
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