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To raise operating funds, National Distribution Center sold its office building to an insurance company on January 1, 2021, for $970,000 and immediately leased the building back. The operating lease is for the final 10 years of the building's estimated 20-year remaining useful life. The building has a fair value of $970,000 and a book value of $735,000 (its original cost was $1 million). The rental payments of $270,000 are payable to the insurance company cach December 31. The lease has an implicit rate of 7% (FV of $1. PV of S1. EVA of S1. PVA 01 SJ. EVAD of S1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. & 2. Prepare the appropriate entries for National Distribution Center on January 1, 2021 and December 31, 2021, to record the sale leaseback and necessary adjustments. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 1 Record sale of building Note: Enter debits before credits