Jackson Company sold land that had been held for future plant expansion for more than its carrying value.This transaction is a(n)________.

Name: Jackson Company sold land that had been held for future plant expansion for more than its carrying value.This transaction is a(n)________.
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Question

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The transaction resulted in a gain for Jackson Company, as they sold the land for more than its carrying value. A gain is a type of income that increases the company's equity, so it is not an expense or a loss.

Jackson Company Sold Land That Had Been Held for Future