Journal Entry……………………………. 1 answer below »

1031 exchange with no cash involved. Sold prop A and it was on the books at $100.00 with accum depre of $50.00. Bought property appraised at $300.00, costs on sale of $25.00. Goal DR CR – Property A $100.00 – Accum Depre $50.00 – Sale Costs $25.00 – Property B $75.00. So if the entry is correct, a purchased building with an appraised value of $300.00, would then be recorded on the books at $75.00? Really? I must be doing something wrong here.

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