Darin Company purchased land at a cost of $15,000 and planned to use it to construct a new storage facility on the property.A short time later,the company changed its plans and sold the property to Dee Company for $15,000.Dee Company signed a note for $15,000 that is due in 60 days.The journal entry prepared by Darin Company to record the sale of the property would include which of the following?

Question

Quizplus · Accepted Answer

The sale of the land would require Darin Company to credit the Land account to remove it from their books.

Darin Company Purchased Land at a Cost of $15,000 and Planned