Metlock Inc. owns a building with a carrying amount of $2.03 million, as at January 1, 2017. On that date, Metlocks management determined that the buildings location is no longer suitable for the companys operations and decided to dispose of the building by sale. Metlock is preparing financial statements for the fiscal year ending December 31, 2017. As at that date, management had an authorized plan in place to sell the building, the building met all criteria for classification as held for sale, and the buildings estimated fair value less costs to sell was $1.26 million. The buildings depreciation expense for 2017 would amount to $345,000. (a) Prepare the journal entry required on December 31, 2017, if any. Assume that Metlocks follows IFRS.