On July 1, 1956, a building and site were purchased for \(\$ 96,000\) by The Hub, a retail clothing store. Of this amount, \(\$ 40,000\) was allocated to the land and the remainder to the building. The building is depreciated on a straight-line basis.

On July 1, 1978 (no additions or retirements having been recorded in the meanwhile), the net book value of the building was \(\$ 25,200\). On March 31,1979 , the building and site were sold for \(\$ 60,000\). The fair market value of the land was \(\$ 50,000\) on this date.

The firm closes its books annually at June 30. Give the entries required on March 31, 1979. (Hint: First compute what the annual depreciation charges must be, based on the facts given.)