Drabinski Ltd. decided on 1 July 20X3 to dispose of an asset group consisting of land, a building, and equipment. An active plan of disposal is being carried out, and sale is highly probable within the following year. The assets carrying values and estimated recoverable amounts at 1 July 20X3 are as follows:

	Cost				Carrying Value			Estimated Recoverable Amount
Land		$	410,000		$	410,000		$	426,000
Building			2,800,000			1,520,000			910,000
Equipment			920,000			410,000			309,000
		$	4,130,000		$	2,340,000		$	1,645,000

On 31 December 20X3, the net recoverable amount of the group is reliably estimated to be $1,667,000. On 1 April 20X4, the asset group is sold for $1,727,000, net of costs to sell.

Prepare journal entries that are appropriate to record the information above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

X Answer is complete but not entirely correct. Credit General Journal No Date Debit Accumulated depreciation Building 1 1 July 20X3 1,280,000 Accumulated depreciation Equipment 510,000 Building 1,280,000 Equipment 510,000 613,000( Loss on disposal group held for sale 2 1 July 20X3 Current asset - Disposal group held for sale 1,727,000 Land 410,000 Building 1,520,000 Equipment 410,000 22,000(X 31 December 20X3| Loss on disposal group held for sale Current asset - Disposal group held for sale 22,000 Cash/Receivable on sale of disposal group 4 1 April 20X4 1,727,000 Current asset - Disposal group held for sale 1,667,000 Gain on sale of disposal group 60,000 SS