At the beginning of the year,the balance in the Buildings account was $800,000.At the end of the year,the balance in the Buildings account was $1,600,000.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

Beginning Balance Buildings + Cost of Purchases - Cost of Building Sold = Ending Balance Buildings
800,000 + 1,500,000 - x = 1,600,000
x = 700,000

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