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. 1)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.