On July 1, 2017, Blossom Company received $1,056,000 cash as compensation for the forced sale (condemnation) of the company's land and building. The state planned to use the property to build a new on-ramp for a nearby highway. The land and building cost $480,000 and $816,000, respectively, when they were acquired. At July 1, 2017, the accumulated depreciation relating to the building amounted to $360,000. On December 1, 2017, Blossom purchased a piece of replacement property for cash. The new land cost $345,600, and the new building cost $1,027,200. Prepare the journal entries to record the transactions on July 1 and December 1, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 December 1