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Young Corporation purchased residential real estate several years ago for $225,000, of which $25,000 was allocated to the lan
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Answer #1

Land - A

Building - B

Total - (A+B)

Carrying Amount

-25000

-170000

-195000

Sale Value

60000

225000

285000

Recognized gain

35000

55000

90000

Gain / (Loss) =

Sale value - Carrying value

Note :

Carrying Value of Building

Particulars

Amount($)

Cost of Building

200000

Less : Depreciation

30000

Carrying Value of Building

170000

(Hope you will understand, please give your valuable feedback)

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