2. On January 1, 2020, Sheldon Company sold a building to Breezy Board Bank for $52,000,000 and immediately leased it back under a 15-year non-cancellable lease at $5,918,000 per year, payable at the beginning of each year. Breezy Board used an implicit rate of 9% to determine the lease payments, and this rate is known to Sheldon. The building had a carrying value of $34,000,000 on Sheldon's books. Required: Assume that the lease is a finance lease for both the lessee and lessor, and there is no profit margin for the lessor. Prepare all necessary journal entries for 2020 for Sheldon (the seller-lessee) and Breezy Board (the buyer-lessor). Breezy Board will depreciate the building on a straight-line basis over the remaining useful life of 15 years. Explain the implications to Sheldon's depreciation expense because of this transaction. 2. On January 1, 2020, Sheldon Company sold a building to Breezy Board Bank for $52,000,000 and immediately leased it back under a 15-year non-cancellable lease at $5,918,000 per year, payable at the beginning of each year. Breezy Board used an implicit rate of 9% to determine the lease payments, and this rate is known to Sheldon. The building had a carrying value of $34,000,000 on Sheldon's books. Required: Assume that the lease is a finance lease for both the lessee and lessor, and there is no profit margin for the lessor. Prepare all necessary journal entries for 2020 for Sheldon (the seller-lessee) and Breezy Board (the buyer-lessor). Breezy Board will depreciate the building on a straight-line basis over the remaining useful life of 15 years. Explain the implications to Sheldon's depreciation expense because of this transaction