At the beginning of the year, the balance in the Buildings account was $1,200,000. At the end of the year, the balance in the Buildings account was $2,100,000. During the year, a building was purchased for $1,400,000. This was the only purchase of buildings during the year. What was the cost of the building or buildings sold during the year?

Question

Quizplus · Accepted Answer

The beginning balance was $1,200,000, and a building was purchased for $1,400,000, making the total $2,600,000. The ending balance was $2,100,000, indicating that buildings costing $500,000 were sold.

At the Beginning of the Year, the Balance in the Buildings