Sandhill Corporation owned a manufacturing facility. Sandhill had purchased the building for $9,600,000, and had recorded $4,200,000 depreciation on the facility. On January 1, 2020, Sandhill sold the building to HMD Ltd. for $6,336,000, and then immediately signed a 25-year agreement to lease back the building for annual payments of $634,568, due at the start of each year. Title to the building would return to Sandhill at the conclusion of the lease. HMD's implied interest rate, which was known to Sandhill, was 10% Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. Prepare the journal entries to be recorded by Sandhill for the 2020 fiscal year (assuming a December 31 year-end, and that Sandhill follows ASPE). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275. Round factor values to 5 decimal places, e.g. 1.25124. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 Cash 6336000 Accumulated Depreciation - Leased Buildings 4200000 Buildings 96000 OU Deferred Profit on Sale-Leaseback (To record sale of building.) Jan. 1, 2020 Lease Receivable 634568 TO Obligations under Lease 63456 (To record inception of lease.) Jan. 1, 2020 Obligations under Lease 634568 Cash 6345 (To record lease payment.) Dec. 31, 2020 Depreciation Expense Accumulated Depreciation - Leased Buildings (To record depreciation expense.) Dec 31, 2020 Deferred Profit on Sale-Leaseback Deferred Profit on Sale-Leaseback (To record amortization of deferred gross profit.) Dec. 31, 2020 Interest Expense DA Obligations under Lease (To record interest.)