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X Co. Sold a Building which cost $400,000 for $450,000. The accumulated depreciation taken on the building at the time of disposal was $300,000. Complete the journal entry to record the gain or loss on the sale.

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Please find the complete question in the attached file.

Account Title                                              Dr. Amount                  Cr. Amount

Money                                                       [tex]\$ \ 4,50,000[/tex]  

Depreciation Accumulated                        [tex]\$ \ 3,00,000[/tex]  

Profit from its sale of development                                                [tex]\$ \ 3,50,000[/tex]

The Building                                                                                    [tex]\$\ 4,00,000[/tex]  

(Being sold and registered as a building)

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