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A company has a building that it originally bought for $500,000. As of 9/9/2012, there...

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Accounting

A company has a building that it originally bought for $500,000. As of 9/9/2012, there is $100,000 of Accumulated Depreciation on the building. On 9/9/2012, the company sells the building for $420,000.

How will this transaction show up on the income statement?

It will not affect the income statement

Loss on sale of Building of $80,000

Gain on sale of Building of $20,000

Gain on sale of Building of $80,000

Loss on sale of Building of $20,000

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