Business, 24.12.2019 01:31 mawawakaiii

On july 1, 2017, blossom company received $1,056,000 cash as compensation for the forced sale (condemnation) of the company’s land and building. the state planned to use the property to build a new on-ramp for a nearby highway. the land and building cost $480,000 and $816,000, respectively, when they were acquired. at july 1, 2017, the accumulated depreciation relating to the building amounted to $360,000. on december 1, 2017, blossom purchased a piece of replacement property for cash. the new land cost $345,600, and the new building cost $1,027,200.
prepare the journal entries to record the transactions on april 1 and august 1, 2014. (credit account titles are automatically indented when amount is entered.

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On july 1, 2017, blossom company received $1,056,000 cash as compensation for the forced sale (conde...

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