Please help me with journal guidance on building sale after receiving the closing statement
I received a closing statement and I did my journal perfectly.
1. Now I have loan costs still under assets still on the balance sheet processed in the beginning at the acquisition of the building and some during the 4 years.How do I clear these. Do I credit the unamortized capital to zero all out but it will reduce the gain/ loss
2. I also have the closing costs like acquisition costs, title insurance , appraisal fees etc still under assets. How do I clear these. Do I add in my journal crediting their respective accounts to zero them out
but it will reduce the gain/ loss