Solved: The company sold the building in 2013 for 60m but was not, Accounting Basics

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The company sold the building in 2013 for 60m but was not

Question - DEVCOM Limited bought a building in France for $25m in 2008 and revalued it severally until its value reached $80m in 2012. The company sold the building in 2013 for $60m but was not paid till 2015. What is the gain or loss to be recorded on the sale in 2013(ignore tax)?

A. $35m gain

B. nil

C. $20m loss

D. $55m loss

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Accounting Basics: The company sold the building in 2013 for 60m but was not

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Accounting Basics: The company sold the building in 2013 for 60m but was not

Reference No:- TGS02883654

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