At the beginning of the year,the balance in the Buildings account was $1,000,000.At the end of the year,the balance in the Buildings account was $2,000,000.During the year,a building was purchased for $1,500,000.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 $1,000,000, and a building was purchased for $1,500,000, which should increase the balance to $2,500,000. However, the ending balance is $2,000,000, indicating that buildings costing $500,000 were sold during the year.

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