CraneCompany purchased land and a building on April 1, 2019, for $351,600. The company paid $102,000in cash and signed a 5% note payable for the balance. At that time, it was estimated that the land was worth $136,000and the building, $215,600. The building was estimated to have a 25-year useful life with a $30,500residual value. The company has a December 31 year end, prepares adjusting entries annually, and uses the straight-line method for buildings; depreciation is calculated to the nearest month. The following are related transactions and adjustments during the next three years.

2019Dec. 31Recorded annual depreciation.31Paid the interest owing on the note payable.

2020Feb. 17Paid $180to have the furnace cleaned and serviced.Dec. 31Recorded annual depreciation.31Paid the interest owing on the note payable.31The land and building were tested for impairment. The land had a recoverable amount of $107,900and the building, $226,000.

2021Jan. 31Sold the land and building for $292,000cash: $101,000for the land and $191,000for the building.Feb. 1Paid the note payable and interest owing.

Record the above transactions and adjustments, including the acquisition on April 1, 2019.

(Any impairment loss for land is credited directly to the Land account.)