Multiple Choice
Which of the following is correct when land costing $20,000 is sold for $29,000? The land was a component of property and equipment on the balance sheet.
A) Revenues are debited for $29,000.
B) Cost of goods sold is credited for $20,000.
C) Gain on sale of land is credited for $9,000.
D) Operating income increases $29,000.
Correct Answer:
Verified
Correct Answer:
Verified
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