Bala LtdHad a Piece of Land on Its Books at Its

question 67

Multiple Choice

Bala Ltd.had a piece of land on its books at its original cost of $400,000.During the year they sold it for $650,000.How would the sale of the land be presented on the income statement? $\begin{array}{ll}\text { A) Gross profit on land } & \$ 250,000 \\\text { B) Revenue from land sale } & \$ 650,000 \\\text { C) Gain on sale of land } & \$ 250,000 \\\text { D) Disposal of land } & \$ 400,000\end{array}$

• A)Option A
• B)Option B
• C)Option C
• D)Option D

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