Asset balances at Dec. 31, 2020: Land $396,800 Building 526,400 Accumulated depreciation, building 393,600 Equipment 171,200 Accumulated depreciation, equipment 74,400 Other information: These assets were bought prior to 2020. The new controller needs to record the sale of these assets but they are unable to find the original estimated life and residual value for the building. They are not even sure when the building was purchased. The building is depreciated using the straight line method. In 2021, the controller has determined that the remaining estimated useful life of the building is 8 years with a residual value of $80,000. The equipment has an estimated useful life is 10 years with a residual value of $16,000. It is depreciated using the double declining method. Required: Prepare the entries for the following. (round to nearest whole dollar) 1. The land and building were sold on Sept. 27, 2021, for $592,000 cash. 2. The equipment was sold on Nov. 2, 3021, for $56,800 cash