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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

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 $ 470,000 $ 470,000 $ 498,000
Building 3,400,000 1,640,000 970,000
Equipment 1,040,000 470,000 357,000
$ 4,910,000 $ 2,580,000 $ 1,825,000

On 31 December 20X3, the net recoverable amount of the group is reliably estimated to be $1,859,000. On 1 April 20X4, the asset group is sold for $1,919,000, 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.)

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