Which of the following is correct when land costing 20000, Ask an Expert

Accounting

Which of the following is correct when land costing $20,000 is sold for $29000. The land was a component of plant and equipment on balance sheet.

a) Revenues are debited for $29000

b) Cost of goods sold is credited for $20000

c) Gain on Sale of Land is credited for $9000

d) operating income increases by $29,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M945974

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