Recording a Failed Sales-Leaseback Olympia Co. owns a building with a current carrying value on January 1 of $630,000, an original cost of $980,000, a 10 -year remaining useful life, and no residual value. The building is sold on January 1 to Beta Investor Inc. for $700,000 cash. Simultaneously, the two parties executed a 10 -year lease with a 7% implicit rate of interest, known by both parties. Each annual payment of $105,000 is due on December 31 . Assuming that the lease is classified as a finance lease, record Olympia's journal entry(s) on January 1