On January 1, 2021, Fishbone Corporation sold a building that cost $2,250,000 and that had accumulated depreciation of $2,000,000 on the date of sale. Fishbone received as consideration a $300,000, 8% note due on January 1, 2024.

a. What is the amount of gain or loss from the sale of the building?

b. Prepare the journal entries to record the sale for Fishbone on January 1, 2021 and the entry to recognize interest on December 31, 2021.