Connors Corporation sold a warehouse during the current year for $980,000. The building had been acquired in a cost of $830,000. The building is fully depreciated.
What is the amount and nature of the gain or loss on the sale of the warehouse?

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The Answer of Connors Corporation sold a warehouse during the current year for $980,000. The building had been acquired in a cost of $830,000. The building is fully depreciated.
What is the amount and nature of the gain or loss on the sale of the warehouse?

Connors Corporation Sold a Warehouse During the Current Year for $980,000