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

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Accounting

Teal Ltd. owned several manufacturing facilities. On September 15 of the current year, Teal decided to sell one of its manufacturing buildings. The building had cost $6,350,000 when originally purchased 5 years ago, and had been depreciated using the straight-line method with no residual value. Teal estimated that the building had a 25-year life when purchased.

Prepare the journal entry to record the sale of the building on Teal's books, assuming 5 years of depreciation has already been recorded in the accounts to the date of disposal. The building was sold for $5,080,000 cash.

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