Entry for Cash Sales; Cash Over The actual cash received from cash sales was $315,280, and the amount indicated by the cash register total was $315,150. Journalize the entry to record the cash receipts and cash sales. If an amount box does not require an entry, leave it blank.

Brody and tanya recently sold some land they owned for $150,000. they received the land five years ago as a wedding gift from brody's aunt jeanette. she had already given them cash equal to the annual exclusion during that year. aunt jeanette purchased the land many years ago when the property was worth $20,000. at the time of the gift, the property was worth $100,000 and aunt jeanette paid $47,000 in gift tax. what is the long term capital gain on the sale of the property