Disposition of Real Estate Asset

SFWaver2016

Hi. My business recently sold a property that was held for 2 decades (lots of depreciation & long term capital gains). Into our checking account, we received two payments from the title company:

• Good faith deposit of $50,000 on October 1, 2018
• Sale proceeds of $607,000, after fees, taxes, debt, etc. on October 20, 2018.

How should this be recorded, if I want to preserve the record of the incoming wire transfers? What accounts should be created? Must I make separate journal entries for all accounts, or somehow "split" the wire transfer to CHECKING transaction:

10/01/2018 . . INCOMING WIRE . . DEPOSIT . . Chkg#2600504 . . $50,000
10/21/2018 . . INCOMING WIRE . . DEPOSIT . . Chkg#2600504 . . $607,000

Sales Price: $1,000,000
Original Purchase Price from 1999: $400,000 ($300k building, $100k land)
Retirement of Mortgage Debt: $300,000
Mortgage Interest final pymt: $1,000
RE Commission: $30,000
Title Fees, Doc Prep, etc: $1,000
RE Transfer Taxes: $10,000
Prorated Refund of October Rent: $1,000
Accumulated Depreciation: $200,000
Capital Improvements over years: $200,000
(NO AMORTIZATION RECORDED)
Net cash from sale: $657,000
Long Term Capital Gains: ?

Thanks for guidance on how these facts should be recorded. Sorry for asking you to do my homework for me

ChelseaK

@SFWaver2016 Fantastic question! I'm afraid I'm not a professional accountant so this looks like something I'll avoid tackling for your own good!

Do any professional accountants in this community have any sound advice?

Otherwise, I recommend reaching out to a professional accountant for questions like these! Better to be safe

Cameron

@Mikeg Any thoughts?