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REDACTED 1 Request IR-4: 2 3 Please provide the journal entry which will be booked upon sale, if approved, and explain 4 any discretionary accounting treatment, if applicable. 5 6 Response IR-4: 7 There is no discretionary accounting treat...
AI summary The response to an information request outlines the accounting treatment for the retirement and sale of land, referencing Accounting Policies 6420 and 6440. It explains that gains or losses on land sales are recognized immediately, while those on other assets are deferred. The journal entries for the sale are provided, showing the recording of accumulated depreciation and the gain on the sale of land.