Cullumber Company purchased land and a building on April 1, 2019, for $354,000. The company paid $102,000 in cash and signed a 5% note payable for the balance. At that time, it was estimated that the land was worth $137,000 and the building, $217,000. The building was estimated to have a 25-year useful life with a $31,000 residual 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.

2019
Dec. 31		Recorded annual depreciation.
31		Paid the interest owing on the note payable.
2020
Feb. 17		Paid $185 to have the furnace cleaned and serviced.
Dec. 31		Recorded annual depreciation.
31		Paid the interest owing on the note payable.
31		The land and building were tested for impairment. The land had a recoverable amount of $108,800 and the building, $227,000.
2021
Jan. 31		Sold the land and building for $294,000 cash: $102,000 for the land and $192,000 for the building.
Feb. 1		Paid the note payable and interest owing.

Record the above transactions and adjustments, including the acquisition on April 1, 2019. (Hint: Any impairment loss for land is credited directly to the Land account.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. Round answers to 0 decimal places, e.g. 5,275.)

2019 Date Account Titles and Explanation Debit Credit Apr. 1 Land 137,000 Building 217,000 Cash 102,000 Notes Payable (To record purchase of property) (To record depreciation) (To record interest) Date Account Titles and Explanation Debit Credit (To record payment of furnace cleaning) (To record depreciation) (To record interest) (To record land impairment) Dec. 31 (To record building impairment) 2021 2021 Date Account Titles and Explanation Debit Credit (To record depreciation) Jan. 31 (To record disposal) Feb. 1 (To record payment of note) Assume instead that the company sold the land and building on October 31, 2021, for $374,000 cash: $147,000 for the land and $227,000 for the building. Prepare the journal entries to record the sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Oct. 31 (To record depreciation expense.) Oct. 31 (To record disposal.)