A medical office building built 30 years ago was assigned a useful life of 25 years and a salvage value of $0. The medical practice moved into a new building and sold the land and the old medical office building for $150,000. Appraisers indicated that the land was worth $110,000 and that the building was worth $40,000. How should the building sale be posted on the books?
A. $40,000 to Long-Term Investments
B. $40,000 to Miscellaneous Revenue
C. $150,000 to Cash
D. $8,000 to Miscellaneous Revenue for each of the past 5 years ($40,000 total)
Answer: B
Health Professions
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