Minden Company purchased a piece of land in 2008 for $120,000. At the end of 2013 the land was appraised and valued at $200,000. In 2014, due to water quality issues Minden Company sold the land for $55,000. On its 2014 income statement and statement of cash flows how should the company record this sale transaction.

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The Answer of Minden Company purchased a piece of land in 2008 for $120,000. At the end of 2013 the land was appraised and valued at $200,000. In 2014, due to water quality issues Minden Company sold the land for $55,000. On its 2014 income statement and statement of cash flows how should the company record this sale transaction.

Minden Company Purchased a Piece of Land in 2008 for $120,000