Question

The following selected account balances were taken from ABC Company's
general ledgers for 2019:

                      January 1, 2019       December 31, 2019
  Inventory                  61,000                36,000
  Notes payable              95,000                81,000
  Unearned revenue           18,000                25,000  
  Accounts payable           49,000                53,000
  Retained earnings          23,000                42,000
  Land                       80,000                  ?
  Common stock               38,000                92,000
  Accounts receivable        53,000                77,000

ABC Company's 2019 income statement included sales revenue of $420,000,
loss on sale of land of $14,000, and net income of $32,000.

ABC Company's 2019 statement of cash flows included the following:

   Cash paid to purchase inventory ............  $326,000
   Cash paid to purchase land .................  $ 98,000
   Cash received from the sale of land ........  $ 42,000

Calculate the balance in the land account at December 31, 2019.

Answer 1

Answer:- Land account $ 42000 $ 80,000 By cash To balance old To cash 98000 By loss on sale of land 14.000 By balance old (Ble) 122.000 $178,000 . $ 178,000 $ 122000 To balance bla Thanks