DISPOSITION OF OPERATING ASSETS
In order to provide capital for new hotel construction in other locations, Wilton Hotel Corporation has decided to sell its hotel in Pierre, South Dakota. Wilton auctions the hotel and its contents on October 1, 2009, with the following results:
|
Land
|
$600,000
|
|
Building
|
300,000
|
|
Furniture and fixtures
|
120,000
|
Wilton's accounting records reveal the following information about the assets sold:
|
Asset
|
Acquisition Cost
|
Accumulated Depreciation
|
|
Land
|
$ 15,000
|
|
|
Building
|
350,000
|
$295,000
|
|
Furniture and fixtures
|
298,000
|
133,000
|
Required:
Prepare a separate journal entry to record the disposition of each of these assets.