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Sheridan Ltd. owned several manufacturing facilities. On September 15 of the current year, Sheridan decided...

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Accounting

Sheridan Ltd. owned several manufacturing facilities. On September 15 of the current year, Sheridan decided to sell one of its manufacturing buildings. The building had cost $5,000,000 when originally purchased 5 years ago and had been depreciated using the straight-line method with no residual value Sheridan estimated that the building had a 20-year life when purchased.
(a)
Prepare the journal entry to record the sale of the building on Sheridan's books, assuming 5 years of depreciation has already been recorded in the accounts to the date of disposal. The building was sold for $3,850,000 cash. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no enitry Is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)
Date Account Titles and Explanation
Debit
Credit
Sept. 15
image

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