Question 12 15 points A To raise operating funds. North American Courier Corporation sold its building on January 1, 2022, to an insurance company for $500.000 and immediately leased the building back. The wase is for a 10-year period ending December 31, 2031, at which time ownership of the building will revert to North American Courser. The building has a carrying amount of $400.000gnal cost $1.000.000) The lease requires North American to make payments of $88,402 to the insurance company each December 31. The building had a total original unetul fe of 30 years with no residual value and is being depreciated on a straight-line basin. The lease has an implicit rate of 12% Required: 1 Prepare the appropriate entries for North American (a) on January 1, 2022 to record the transaction and (b) on December 31, 2022, to record necessary adjustments Please note: ordinary annuity of $110, 12% 5.65022 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Man BIUS Paragraph Arial 3 10pt 2Ix0