On January 1, 2015, Lowes Corporation purchased a storage building for $200,000. It depreciated the building using the straight-line method assuming nine-year useful life and a $20,000 salvage value. On March 1, 2020, Lowes sold that building for $86,000 cash. Lowes records depreciation expense to the nearest month.

a) Prepare the March 1, 2020, journal entry to record the depreciation expense for 2020.

b) Prepare the March 1, 2020, journal entry to record the sale of the building.