Help Save & Exit Submit Check my work 20 : To raise operating funds, National Distribution Center sold its $810,000 and immediately leased the building back. The operating lease Is for the final 10 years of year remaining useful life. The building has a fair value of $780,000 and a book value of $655,000 (its original cost was $1 million). The rental payments of $110,000 are payable to the insurance company each December 31. The lease has an implicit rate office building to an insurance company on January 1, 2018, for the building's estimated 20- Of 796. Required: 1. & 2. Prepare the appropriate entries for National Distribution Center on January 1, 2018 and December 31, 2018, to record the sale-leaseback and necessary adjustments. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) ipped View transaction list Journal entry worksheet rence 4 Record sale of building. credits. Date General Journal January 01, 2018 Next>