On May 1, 2012 Raymond's Ltd acquired land and a building from ABC for its new head office at a cost of $640,000. The owner, Raymond was pleased because the land and the building had appraised values of $200,000 and $600,00 respectively. Additional costs associated with the acquisition included legal fees of $4,000 and back taxes owing on the property of $6,000. On December 31, 2012, Raymond's Ltd also paid $3,000 to repair the building's furnace. The building has an expected useful life of 10 years, and the company uses straight-line for its capital assets.

On July 1, 2014, Raymond's Ltd was offered $800,000 for its land and building and decided to sell them and move to a less expensive location. Prepare a journal entries required in 2014 relating to the land and building.