On 13 September 20X1, Nitish Corp.s board of directors moved the companys operations into a newly constructed building and declared its old building available for sale. The original cost of the old building was $18 million; it was 35% depreciated. Other information is as follows: On 15 September, a professional appraisal of the old building estimated its value as $9 million. On 24 September, Nitish engaged a commercial property developer to place the building on the market for $9 million. Despite some softness in the market the developer expects to be able to sell the building within the next nine months. The developer charges a commission of 8% on final sale. By 31 December, the commercial real estate market had softened considerably. Although the developer held the official asking price at $9 million, Nitish and the developer agreed they would consider offers as low as $7.5 million. Despite receiving several lowball offers from prospective buyers over the first two months of 20X2, Nitishs management did not accept any of the offers. By 31 March 20X2, the end of Nitishs first reporting quarter, the market had improved considerably. The developer relisted the property at $10.5 million, its newly appraised value. On 27 April 20X2, Nitishs board accepted an offer of $10.7 million. Required: Prepare the appropriate general journal entries to record the information above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars amount.)