Ivanhoe Corporation owned a manufacturing facility. Ivanhoe had purchased the building for $$9,960,000,$ and had recorded

$$3,840,000$ depreciation on the facility. On January $1,2023,$ Ivanhoe sold the building to Oriole Ltd$.$ for $$7,020,000,$ and then

immediately signed a $35-$year agreement to lease back the building for annual payments of $$557,721,$ due at the start of each year.

Title to the building would return to Ivanhoe at the conclusion of the lease. Oriole's implied interest rate, which was known to Ivanhoe,

was $8\%.$

Prepare the journal entries to be recorded by Ivanhoe for the $2023$ fiscal year and January $1,2024$ payment $($assuming a December $31$

year$-$end, and that Ivanhoe follows ASPE$).($List all debit entries before credit entries. Credit account titles are automatically indented when

the amount is entered. Do not indent manually. Round answers to $0$ decimal places, e$.$g$.5,275.$ 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.$)$

$($To record sale of building$)$

$($To record inception of lease$)($To record depreciation expense$)$

$($To record amortization of deferred gross profit$)$

$($To record interest$)$

$($To record lease payment$)$