Olympia Co. owns a building with a current carrying value on January 1 of $1,350,000, an original cost of $2,100,000, a 10-year remaining useful life, and no residual value. The building is sold on January 1 to Beta Investor Inc. for $1,500,000 cash. Simultaneously, the two parties executed a five-year lease with a 7% implicit rate of interest, known by both parties. Each annual payment of $234,000 is due on December 31. Assuming that the lease is classified as an operating lease, record Olympia's journal entry(s) on January 1. - Note: Round your answer to the nearest whole dollar